PayPal on Tuesday announced plans to lay off 2,000 employees, or around 7% of its workforce, according to a release posted to the company’s website.

President and CEO Dan Schulman wrote in the release that PayPal is working to address the “challenging macroeconomic environment.” He said the company has made progress focusing resources on core priorities and rightsizing its cost structure, but that there is more work to be done.

“Change can be difficult – particularly when it includes valued colleagues and friends departing,” Schulman wrote. “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.”

PayPal’s announcement marks the latest round of job cuts in the tech industry. Workday also announced plans to cut 525 jobs Tuesday.

This is breaking news. Please check back for updates.