Stripe, a leading payments technology company, has laid off approximately 300 workers in an internal memo. The company’s Chief People Officer, Rob McIntosh, stated that the business performance continues to be strong despite making adjustments. Despite this, the cuts aim to “ensure we have the right people in the right roles and locations” to execute future plans. The majority of the affected employees are from product, engineering, and operations roles.
Stripe’s decision comes as a surprise, following its 2022 layoffs that affected over 1,000 workers. At that time, CEO Patrick Collison cited an economic climate and recession fears as reasons for the cuts. However, the company’s valuation has since recovered, rising to around $70 billion, which is below its 2021 peak of $95 billion.
As a privately held startup, Stripe does not publicly disclose its financials. Nevertheless, this latest move highlights the company’s commitment to growth and expansion. With a planned workforce increase of 17% by year’s end, Stripe aims to expand its team to around 10,000 employees.
Source: https://www.sfgate.com/tech/article/bay-area-tech-startup-stripe-lays-off-300-workers-20047821.php