PayPal Holdings Inc. said restructuring costs tied to trimming its global workforce totaled US$71 million in the second quarter.
The job cuts will ultimately save the payments giant about US$260 million this year, including approximately US$100 million in stock-based compensation, according to a regulatory filing Wednesday. PayPal is looking to the staff cutbacks as a way to reduce expenses and satisfy investors, who have punished the firm’s shares in recent quarters.
The PayPal application in the Apple App Store on a smartphone arranged in Saint Thomas, U.S. Virgin Islands, on Saturday, Jan. 29, 2022. PayPal Holdings Inc. is scheduled to release earnings figures on February 1.
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