PayPal Cuts 251 Jobs Amid AI Push | Spokane News

PayPal’s slashing 251 jobs in San José as part of a sweeping 20% workforce cut over two to three years, aiming to save $1.5 billion while boosting AI investments — despite a 12% drop in Q2 net income and a 15% stock plunge. CEO Enrique Lores is pushing aggressive restructuring amid rising competition from Apple Pay and Google Pay, and a “K-shaped economy” where wealthier users spend more while middle- and lower-income users pull back. The company also replaced its previous CEO in February for lacking speed of change, and though a $50B takeover bid from Stripe and Advent International fizzled, PayPal’s moves mirror broader tech layoffs — including Apple, Meta, and Snap — as the industry pivots toward AI amid over 123,000 U.S. job cuts this year alone. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/791d2353b26c55ad