PayPal plans up to 20% layoffs amid cost cuts despite revenue growth.

PayPal is considering cutting up to 20% of its workforce as part of a cost-cutting and restructuring effort under new CEO Enrique Lores. Despite a 7% revenue increase to $8.35 billion in Q1 and an 11% rise in payment volume, net income fell and the company expects a 9% decline in adjusted earnings next quarter. The layoffs aim to improve efficiency and generate $1.5 billion in savings over two to three years, which will be reinvested into growth. This move comes amid rising competition and a slowdown in digital payment growth post-pandemic.