PayPal has announced 2,000 job cuts globally which is around 7% of its total workforce.

The company employs more than 2,000 people in Ireland and it is not yet clear how today's announcement will impact its Irish-based workforce.

In May last year, PayPal announced plans to cut around 300 jobs from its operations in Dundalk and Dublin.

In a message to staff today, the President and CEO of PayPal Dan Schulman said that while the company has made progress in rightsizing its cost structure over the last year, it needed to do more.

"We must continue to change as our world, our customers, and our competitive landscape evolve," Mr Schulman said.

He added that the job cuts would happen over the coming weeks, with some divisions impacted more than others.

"We will treat our departing colleagues with the utmost respect and empathy, provide them with generous packages, engage in consultation where required, and support them with their transitions," Mr Schulman said.

PayPal is the latest in a series of tech companies to announce layoffs.

Earlier today, business software company HubSpot said it was planning to cut 500 jobs globally.

It follows similar announcements in recent months from companies including Twitter, Meta, Stripe, Amazon, Intel, Microsoft, Google and TikTok.