The Zhitong Finance App learned that users have been in recent quarters$PayPal (PYPL.US) $After spending growth on the platform stalled, the company began layoffs in its risk management department to reduce costs and boost profits. According to information, PayPal has cut dozens of employees working in Chicago, Nebraska, Omaha, and Arizona.

Earlier this month, the company said it would lay off more than 800 employees at its California headquarters, while also proposing to cut more than 300 employees in Ireland.

As inflation remained high, the Federal Reserve raised interest rates, and concerns about the economic slowdown intensified, tech giants such as Meta and Netflix, as well as small and medium-sized technology companies such as Robinhood and Cameo, tightened their belts, or stopped hiring personnel, or made layoffs. At the beginning of this month, Meta said it would freeze recruitment and reduce some of its planned recruitment numbers, then on May 17, Netflix said it would lay off 150 employees.

Revised US government data released this Thursday showed that the US economy contracted 1.5% annualized in the first quarter instead of the 1.4% contraction initially estimated, highlighting concerns about the economic slowdown.

On the inflation side, the US Department of Commerce's Personal Consumption Expense Price Index (PCE) rose 6.6% in the past year ending March, while the Labor Department's Consumer Price Index (CPI) rose 8.3% in April. As inflation runs high, consumers have become more cautious about spending, causing many companies to lose revenue, so they cut costs through layoffs.

At a time when stock prices have recently plummeted, it seems that US technology companies are shrouded in the haze that preceded the onset of the cold winter tide.