TELETRADER News
11/3/2022, 4:33 PM
(Source: TeleTrader)
Stripe to cut 14% staff, 1,100 jobs affected
Digital payments company Stripe Inc. is reducing the number of employees by about 1,100 or 14%, faced with economic turmoil and scarce startup funding, company founders Patrick and John Collison (pictured) stated in a staff memo on Thursday.
"We were much too optimistic about the internet economy's near-term growth in 2022 and 2023 and underestimated both the likelihood and impact of a broader slowdown," Stripe's founders explained, citing overhiring and growing operating costs too quickly as mistakes.
In the email, the founders echoed the sentiment of a looming economic recession, going on to say they "think that 2022 represents the beginning of a different economic climate." The cuts will leave Stripe with some 7,000 employees.