Stripe, a payments platform, has laid off 300 employees, representing about 3.5% of its workforce. The cuts primarily affected product, engineering, and operations staff, according to an internal memo obtained by Business Insider. Despite this, the company plans to grow its headcount to around 10,000 employees by year-end.
Stripe’s chief people officer, Rob McIntosh, informed staff of the layoffs in a Monday email. McIntosh stated that the affected roles are mainly in product, engineering, and operations, but emphasized that Stripe aims to continue expanding its workforce.
The company had previously cut over 1,000 employees in 2022, equivalent to about 14% of its workforce at the time. In mid-2023, Stripe reduced a few dozen roles from its recruiting department. Before these layoffs, Stripe had approximately 8,500 employees.
Founded by brothers John and Patrick Collison in 2010, Stripe provides software tools for online and in-person payment processing to millions of businesses worldwide.
Source: https://finance.yahoo.com/news/leaked-memo-stripe-lays-off-164423517.html