PayPal, HubSpot Announce Layoffs

PayPal unveiled plans Tuesday to cut 2,000 employees, becoming the latest U.S. company to reduce its headcount, just hours after software company HubSpot announced it would lay off 500 positions in an effort to reduce costs as the company struggles from a 'perfect storm' of inflation, tight customer budgets and 'volatile foreign exchange.' Forbes reports: In a statement on Tuesday, online payment company PayPal announced it would cut 7% of its global workforce (2,000 full-time positions) amid a 'competitive landscape' and a 'challenging macro-economic environment,' CEO Dan Schulman said.

HubSpot, a Cambridge, Massachusetts-based software company, said it would cut 7% of its workforce by the end of the first quarter of 2023 in a Securities and Exchange Commission filing, as part of a restructuring plan, with CEO Yamini Rangan telling staff it follows a 'downward trend' after the company 'bloomed' in the Covid-19 pandemic, with HubSpot facing a 'faster deceleration than we expected.' Yesterday, Philips said it would cut 3,000 jobs worldwide in 2023 and 6,000 total by 2025 after announcing $1.7 billion in losses for 2022. Spotify, IBM, Google, Microsoft, Amazon, and a slew of other tech companies announced layoffs in recent days/weeks as well.

Further reading: PagerDuty CEO Quotes MLK Jr. In Worst Layoff Email Ever

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