Irish payments firm Stripe has cut 300 jobs, constituting around 3.5% of its headcount, according to a report by Business Insider.
In an email to employees on Monday, Stripe’s chief people officer Rob McIntosh said that 300 workers, primarily in product, engineering, and operations, would be laid off.
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However, McIntosh stated that the company still intends to grow its workforce by 10,000 employees by the end of the year, marking a 17% rise.
The company is “not slowing down hiring,” according to the memo, which was obtained by Business Insider.
In 2022, Stripe axed more than 1,000 jobs, representing about 14% of its workforce.
In mid-2023, Stripe laid off several dozen employees, primarily from its recruiting department, as reported by The Information.
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By GlobalDataStripe’s valuation was at its high at $95bn in 2021, falling to $50bn in 2023 but reportedly recovered to $70 billion last year, following a secondary share sale.
Founded by Patrick Collison and John Collison, Stripe has dual headquarters in San Francisco and Dublin.
The company was recently in the news for expansion of its global alliance with BNPL outfit Klarna.
