Online payments company PayPal is to cut approximately 2,000 jobs, or about 7% of its total workforce.
The company, which has operations in Dublin and Dundalk, said while it had made "significant progress" in reshaping over the past year it had "more work to do."
In an email to employees on Tuesday, CEO Dan Schulman said: "Addressing these changes requires us to make hard decisions that will impact some of our colleagues.
"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.
"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."
Locations of potential job cuts were not disclosed.
PayPal operates a European Centre of Excellence in Dublin, as well as an operations centre in Dundalk, and employs more than 2,000 people here.
Sinn Féin TD for Louth Ruairí Ó Murchú described the news as a 'dreadful' blow for the town.
"This is an incredibly sad day for people who work in PayPal in Dundalk and their families," he said.
"Almost 1,000 workers in the company are now waiting to see where the axe will fall, but there is serious and deep concern that there will be further job losses in Dundalk.
"We need details from the company as soon as possible.
"We need to know there will be the best and fullest interaction with PayPal management about how this announcement will affect Dundalk and Dublin operations and how the company interacts with the Government and vice versa," he said.
Deputy Ó Murchú said anyone facing redundancy should have "the full backing of all the State agencies" to help them.
Last May, the company announced plans to cut more than 300 jobs from its Irish workforce.
These layoffs mark the latest round of job cuts in the tech industry, following on from earlier cuts for Spotify, Google, Twitter, Facebook owner Meta, Amazon, Stripe and Microsoft.