# PayPal Holdings Inc. plans to cut costs and jobs as new Chief Executive Officer Enrique Lores seeks to turn around the payments company.

*fintech · news · 2026-05-05 · The Mercury News*

## Key points

- PayPal plans to save at least $1.5 billion over the next two to three years.
- New CEO Enrique Lores reorganized business lines and appointed new executive leaders last week.
- PayPal's first-quarter adjusted earnings per share were $1.34, beating analyst estimates of $1.27.
- Venmo's total payment volume rose 14% this quarter, outpacing PayPal's 2% checkout volume growth.
- PayPal expects full-year adjusted earnings per share to be flat or decline slightly from last year.

**Companies:** PayPal Holdings Inc., Coinbase Global Inc., Block Inc., Apple, Stripe Inc., Adyen NV, Klarna Group Plc
**Countries:** United States

[Read the full story on The Mercury News](https://www.mercurynews.com/2026/05/05/paypal-plans-job-cuts-as-fintechs-new-ceo-pursues-turnaround-strategy/)

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