The Chhattisgarh

Tag: Layoffs

  • Payments Firm PayPal To Reduce Global Workforce By 9% In 2024 |

    New Delhi: Payments firm PayPal Holdings is planning to cut about 2,500 jobs, or 9 percent of its global workforce, this year, a letter from CEO Alex Chriss, seen by Reuters, showed on Tuesday.

    In the letter to staff, newly appointed CEO Chriss said the decision was made to “right-size” the company through both direct cuts and the elimination of open roles throughout the year. The staff that will be affected are expected to be notified by the end of the week. (Also Read: How To Download Nirmala Sitharaman’s Full Budget Speech In Few Clicks? Check)

    “We are doing this to right-size our business, allowing us to move with the speed needed to deliver for our customers and drive profitable growth,” Chriss wrote in the letter. (Also Read: Capturing Moments: President Offers Dahi To Nirmala Sitharaman Ahead Of Budget)

    The company also posted the letter to its website after the market closed. Paypal’s shares ended the day down 0.13 percent. In November, Chriss said he expects to increase revenue outside of purely transaction-related volume and pledged to turn the fintech firm leaner by reducing its cost base.

    Though the announcement had helped rally the stock after third-quarter results, analysts have remained focused on PayPal’s margins in recent quarters.

    The company’s low-margin business products have risen strongly, while growth in its branded products has slowed due to increased pressure from competitors such as Apple.

    Investors hope Chriss, who was previously a senior executive at software company Intuit, will revive PayPal’s stock. It fell nearly 14% last year and missed a broader sector-wide rebound in high-growth technology shares.

    Last week, the payments firm announced it was launching new artificial intelligence-driven products as well as a one-click checkout feature.

    Meanwhile, rival Block, led by Twitter co-founder Jack Dorsey, also began to cut jobs this week as part of its previously disclosed plans to trim headcount and reduce costs, a source told Reuters.

  • YouTube Trims Workforce, Lets Go Of 100 Employees In Latest Layoff Season |

    New Delhi: In the latest wave of layoffs hitting the tech industry, YouTube, a part of the Alphabet family, has reportedly let go of around 100 employees. This move comes as part of a broader restructuring effort focusing on Creator management and operations. The restructuring aims to create more localized Creator management teams, centralize other functions, and divide support teams into Creator-facing and end-user segments.

    The goal is to enhance scalability for international growth and address the platform’s slowdown in ad revenue. Despite these changes, assurances have been given that no Creators will lose support. (Also Read: ‘We Have To Make Tough Choices’: Google CEO Sundar Pichai Hints More Layoffs In Coming Time)

    This follows last week’s layoffs at Google, impacting various sectors. Let’s delve into the details of YouTube’s strategic moves and the broader context of layoffs within the Alphabet company. (Also Read: How You Can Invest Rs 3K For 35 Years And Earn Rs 1.5 Lakh Per Month? Check Return Calculator Here)

    Creator Management And Streamlined Operations

    As YouTube undergoes strategic changes, one key aspect is the localization of Creator management teams on a per-country basis. Simultaneously, other teams are being centralized, with a focus on specific areas such as music and another dedicated to sports, media, film, and TV.

    Support teams are also undergoing a division into Creator-facing and end-user segments. These moves are part of an effort to streamline operations and achieve better scalability for international growth.

    Amid these structural changes, YouTube has emphasized that Creators will not lose support. The platform is reorganizing its teams to ensure dedicated and effective support for Creators, aligning with the evolving needs of the platform and its users.

    Addressing Ad Revenue Challenges

    YouTube’s restructuring comes in response to challenges in ad revenue over the past year. The platform has faced a slowdown, prompting measures such as cracking down on ad blockers and encouraging users to engage with ads.

    Additionally, YouTube has explored alternative revenue streams, including subscription-based models such as YouTube Premium.

    The recent layoffs at YouTube are part of a broader trend within Alphabet, Google’s parent company. Last week, Google announced layoffs affecting various sectors, including hardware, Assistant, engineering, and ads. The ongoing structural changes within Alphabet indicate a shift in organizational strategies and operations.

    YouTube’s Focus On Subscription-Based Services And Innovation

    Beyond the challenges in ad revenue, YouTube has been directing attention to its subscription-based services, including YouTube TV and subscriptions featuring the NFL Sunday Ticket.

    The platform has also embraced innovation with the introduction of generative AI features, enhancing the overall experience for Creators and viewers alike.