Why PayPal Stock Popped Today
PayPal (NASDAQ: PYPL) climbed on Thursday, extending a rally in the digital payments company's shares since it announced a cost-cutting plan earlier this week. As of 2:50 p.m. ET, PayPal's stock was up more than 4%.
PayPal said Tuesday that it would lay off roughly 2,000 employees. The job cuts equate to about 7% of the fintech giant's total workforce.
"Over the past year, we made significant progress in strengthening and reshaping our company to address the challenging macro-economic environment while continuing to invest to meet our customers' needs," CEO Dan Schulman said in a message to employees. "While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do."
Source Fool.com
