Markets
CROSS-CATEGORY: Three Companies Cut 1,700+ Jobs in One Week — All Citing AI Automation, All While Reporting Revenue Growth
In a single week (May 5), Freshworks (500 jobs, 11%), Coinbase (700 jobs, 14%), and PayPal (20% cuts planned, ~4,760 workers) all disclosed AI-driven workforce reductions while reporting strong financials — Freshworks revenue up 16% with record deals, Coinbase restructuring into one-person AI pods, PayPal targeting $1.5B in savings. The playbook — cut while growing, cite AI, rally the stock — is now standard, with 78,000+ tech workers laid off in Q1 2026 (47.9% attributed to AI). But Gartner's same-week report warns these cuts don't correlate with ROI.
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