PayPal plans to reduce its workforce by another 9% this year through layoffs and open role eliminations, following a 7% cut last year. The company has around 29,900 employees as of 2022. CEO Alex Chriss said the move is to "right-size the business" and allow faster growth. Analysts said the layoffs could be viewed positively by bulls as enabling margin gains, but bears may see it as defensive or foreshadowing challenges. Chriss has discussed PayPal doing "too many things" and needing to focus. The cuts aim to instill a culture of innovation.