PayPal announces 2,500 layoffs, 9% of the workforce, due to increased competition. The company, which announced the elimination of another 2,000 positions a year ago, is trying to save costs to improve profitability.
In the first nine months of last year, PayPal achieved revenue of $21,745 million, an increase of 8% over the previous year. In addition, it came close to doubling its profit, going from 1,498 to 2,844 million dollars.