PayPal cuts 2,500 jobs in the face of rising competition

PayPal faces rising competition from rivals such as Apple, Zelle and Block. The latest job cuts follow tens of thousands of layoffs by other technology giants in recent months. More than 260,000 jobs were lost in the sector last year, according to the Layoffs. Fyi website, which tracks technology industry job cuts. In just the last month, almost 100 tech firms - including Meta, Amazon, Microsoft, Google, TikTok and Salesforce - have announced a total of 25,000 job cuts.

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