The Daily Fetched Reports: Woke payment processor PayPal has announced plans to lay off approximately 2,000 employees amid recent reports the company is facing competition from Twitter with an alternative payment tool.

PayPal laid off seven percent of its workforce, varying different business segments.

The company said the layoffs are in response to a challenging macroeconomic environment, which came on the heels of other big tech companies like Google and Microsoft cutting their staff last month.

President and CEO of PayPal, Dan Schulman, said the business would treat departing employees respectfully and offer them generous packages to aid in their transitions, Engadget reports.

During its most recent earnings call, PayPal outperformed Wall Street expectations despite the economic climate, with revenue and income rising by 11 percent and seven percent, respectively.

“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,” Schulman said.

But PayPal has faced massive criticism for blacklisting those it disagrees with politically, such as evolutionary biologist Colin Wright who dared to critised transgender ideology.