Stripe has cut 300 jobs, representing about 3.5% of its workforce, mostly in product, engineering and operations, CNBC has confirmed.
The payments company, valued at about $70 billion in private markets, still expects to extend headcount to 10,000 by year-end, a 17% increase, and just isn’t slowing hiring, it said in a memo to Chief People Office worker Rob McIntosh. Business Insider I previously reported on the cuts and the memo.
A Stripe spokesperson also confirmed to CNBC that a cartoon image of a duck with the text “US Non-California Duck” was unintentionally attached as a PDF to emails sent to a few of the laid-off employees. In some emails, the affected employees were incorrectly given an incorrect termination date, the spokesman said.
McIntosh sent a follow-up email to employees apologizing for the “notification error” and “the confusion it caused.”
“Correct and complete notifications have since been sent to all affected stripes,” he wrote.
In 2022, Stripe cut about 1,100 jobs, or 14% of its workforce, joining a lot of the tech industry in downsizing as soaring inflation and rising rates of interest forced corporations to concentrate on profits fairly than growth. The information reported that Stripe had a couple of dozen layoffs in its human resources department in 2023.
Stripe's valuation fell from a high of $95 billion in 2021 to $50 billion in 2023 allegedly The company rallied to $70 billion last 12 months as a part of a secondary stock sale. The company ranked third on the CNBC Disruptor 50 list last 12 months.
Stripe in October agreed is paying $1.1 billion for crypto startup Bridge Network, whose technology goals to make it easier for businesses to transact digital currencies.
Brothers Patrick and John Collison, who founded Stripe in 2010, have deliberately stayed away from the general public markets and have given no indication that an offering is imminent. The company's total payment volume exceeded $1 trillion in 2023.
REGARD: Early bridge investor joins $1.1 billion Stripe deal
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