California-based PayPal will save at least $1.5 billion in two to three years, according to the company. A simplified organization and a lower cost structure are the guiding principles for Lores in the work on cuts.
“We have great potential ahead of us,” Lores said, according to a press release.
The measures come after several years of fierce competition from companies such as Klarna, Stripe, Adyen and Apple Pay.
According to PayPal's data for the first quarter of this year, earnings per share increased by 1 percent to $1.34. This was better than the average forecast among analysts, which was $1.27 per share. Net revenue rose 7 percent to $8.4 billion.
