PayPal is cutting around 2,000 jobs, or 7% of its workforce.

The online payments company said it made the decision due to "the challenging macro-economic environment," as reported by the BBC.

The company's chief executive said PayPal must continue to change as its customers, the world and the competitive landscape evolve.

PayPal's announcement follows tens of thousands of job cuts by technology giants in the last month.

Already this year, Amazon has announced 18,000 job cuts, Google's parent company, Alphabet, said it would axe 12,000 jobs and both Spotify and Microsoft are cutting 10,000 jobs.