Shares of PayPal Holdings (NASDAQ: PYPL) are trading at $86.52 at the time of writing, down $1.79 or 2.03% from Friday’s close.
By Tradingview
The Bloomberg report cited a PayPal document that said the company laid off “more than 80 people at its headquarters in San Jose, California,” also has data from unverified sources about employee layoffs in other American states as well.
The company’s quarterly report talks about the costs of reorganizing and reducing redundant operations, in the first quarter expenses amounted to about $20 million, by the end of the year it is planned to spend another $100 million on restructuring.
At the same time, PYPL plans to reduce employee costs by about $260 million, of which 90 million in stock-based compensation.
Forced steps to restructure and reduce costs, including through layoffs, are designed to redistribute costs, and perhaps focus on the main cash business.
In addition, global payments giant PayPal is heavily introducing blockchain and cryptocurrency integration services into its services.
At the World Economic Forum, PYPL Vice President Richard Nesh said the company is working to effectively introduce all kinds of digital services, including central bank digital currencies (CBDC).
PayPal is one of the largest global payment companies, which is actively switching to cryptocurrency and blockchain.
In March 2021, the payment giant introduced its own cryptocurrency verification service to make secure payments in cryptocurrency.The company also plans to launch its own stable coin PayPal Coin.
Expanding his digital currency offering, Richar Nesh said:
“Just slowly working in the cryptosphere with buy/sell/hold in certain jurisdictions. And then we’re committed to working with others to cover everything we can, whether it’s the coins we have in PayPal’s digital wallets today, whether it’s private digital currencies or CBDC in the future. “
Will PayPal continue its upswing as measures are taken to reorganize and implement digital currencies?
By investing.com
Analysts’ forecast continues bullish sentiment, as it did last week.
The target price in the annual format increased by 36.65%.
Paypal allows sellers to offer digital payment “online and in-store across all platforms and devices, and to securely and easily receive payments from their customers.”
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