Stripe Lays Off More than 1,000 Workers, 14% of Staff

By Sakshi

 Nov 4,2022

Stripe, a Silicon Valley payments company, announced the layoff of 14% of its staff. 

Image Source and Credit  : Google 

In an email to employees, Patrick Collison, co-founder, and CEO of Stripe, 

Image Source and Credit  : Google 

stated that Stripe must reduce costs due to global economic challenges such as inflation and higher interest rates.

Image Source and Credit  : Google 

Collison admitted to the mistakes that Stripe management made in the past two-and-a-half years. 

Image Source and Credit  : Google 

Collison stated that the company had "overhired" during pandemics and was too optimistic about the future growth of e-commerce. 

Image Source and Credit  : Google 

According to LinkedIn data Stripe's employee base has more than doubled in the past two years. It had over 8,000 employees as of last month. 

Image Source and Credit  : Google 

The new cuts will bring it to slightly less than 7,000, which is the same staff size it had back in February 2022. 

Image Source and Credit  : Google 

Collison stated that Stripe had "allowed operational inefficiencies and increased operating costs to seep into" its operations.

Image Source and Credit  : Google 

He stated that some departments like recruiting are being cut more than others. 

Image Source and Credit  : Google