PayPal is reducing its workforce by 7%, or 2,000 employees, as it joins other major tech companies in cutting costs. The decision was made due to the current economic environment, according to the online payment company. Other tech giants such as Amazon, Alphabet, and Microsoft have also recently announced significant job cuts. In a statement, PayPal CEO Dan Schulman emphasized the need for the company to adapt to changes in the market, customers, and competition. Snap, the parent company of Snapchat, also warned of a potential 10% decrease in revenue for the first quarter of 2023. Despite this, tech firms like AMD and SK Hynix are reporting improved results and expecting a recovery in the industry later in the year.