PayPal (PYPL) plans to cut 7% of its workforce, or about 2,000 employees, according to an announcement posted to the company's website Tuesday.

"Today, I'm writing to share the difficult news that we will be reducing our global workforce by approximately 2,000 full-time employees, which is about 7% of our total workforce," PayPal President and CEO Dan Schulman said.

"These reductions will occur over the coming weeks, with some organizations 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."

PayPal's announcement marks the latest round of job cuts sweeping through the tech industry. Earlier this month, Salesforce announced plans to lay off 7,000 workers, Microsoft announced plans to cut 10,000 employees and Google announced layoffs for more than 12,000 workers.

Many have cited aggressive hiring during the height of the COVID-19 pandemic and a need to right-size staffing levels as the primary reason behind the layoffs.

"Change can be difficult – particularly when it includes valued colleagues and friends departing," Schulman wrote about the layoffs. "We will face this head-on together, drawing on the unparalleled scale of our global platform, the strategic investments we have made to strengthen our core capabilities, and the trust and loyalty of our customers."

Shares of PayPal are down more than 50% over the past year.

On Tuesday, shares of PayPal closed at $81.49, up $1.85, or 2.32%.

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