By Sabela Ojea


PayPal Holdings Inc. on Thursday said that it expects to book a restructuring charge of about $100 million in the first quarter of 2023 as a result of its restructuring plan.

Late in January, the company said it would cut its global workforce by about 7%, or about 2,000 employees, to adjust to current macroeconomic conditions.

The company is set to provide departing employees with "generous packages," departing Chief Executive Dan Schulman said.

"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," Mr. Schulman said.

Shares fell 3.1% in after-hours trading.


Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix


(END) Dow Jones Newswires

02-09-23 1747ET