PayPal lays off 83 Bay Area employees

PayPal gave 83 employees pink slips last month, according to a filing with the California Department of Employment Development.

The company, which also owns mobile payment app giant Venmo, did not say whether some of the layoffs relate to the San Francisco office at 425 Market Street which is closing at the end of the month. The filing says the layoffs are based at the San Jose headquarters.

The SF office is home to staff who work for the company’s Xoom service, which allows customers to send money to family and friends around the world and pay international bills.

“At PayPal, we are constantly reviewing and evolving how we can work in the most collaborative and efficient way possible, and we regularly assess our global office footprint and spaces to ensure that our business and our employees are best positioned to succeed,” PayPal said in a statement to SFGATE when the San Francisco office closure was announced. “The pandemic, in particular, has taught us that there are many ways to work efficiently while providing flexibility to our employees.”

The digital payments company employs some 30,000 people worldwide, said the News, which first reported the layoffs.

Shares of PayPal plunged as the pandemic subsided and more people started shopping in stores rather than online, where many people use PayPal to pay for goods. Its stock is down 58% year over year, CNN reported. But its latest earnings report for the first quarter of the year was promising with revenue up 8% to $6.5 billion from January to March.

ABC7 reported that PayPal previously had two offices in San Francisco and closed the other earlier in the pandemic.

PayPal did not immediately respond to a request for comment.

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