Stripe lays off 300 employees, or 3.5% of its global workforce, amid major restructuring efforts

Stripe has laid off 300 employees, representing 3.5% of its workforce, with the majority of the cuts affecting roles in key departments including product, engineering, and operations, CNBC reported.

Despite the layoffs, the payments giant—valued at around $70 billion in private markets—plans to grow its workforce to 10,000 by year-end, marking a 17% increase. Chief People Officer Rob McIntosh addressed employees in a memo, emphasizing that the company is “not slowing down hiring.” Business Insider first reported on the cuts and the internal communication.

“Stripe cut 300 jobs, representing about 3.5% of its workforce, mostly in product, engineering and operations,” CNBC reported.

Adding an unusual twist to the announcement, a PDF attachment featuring a cartoon duck labeled “US-Non-California Duck” was accidentally included in emails sent to some affected employees. The emails also mistakenly listed an incorrect termination date for some staff.

McIntosh later sent a follow-up email apologizing for the error, writing, “Corrected and full notifications have since been sent to all impacted Stripes.”

Stripe joins a growing list of tech companies announcing workforce reductions. Layoffs.FYI, a platform tracking layoffs in the tech sector, reports that 19 tech companies have cut 5,200 jobs so far this year.

This isn’t Stripe’s first round of cuts. In 2022, the company reduced its headcount by about 1,100 employees—14% of its workforce—as economic pressures forced many tech firms to prioritize profitability over growth. Earlier in 2023, Stripe reportedly made additional cuts in its recruiting department, though on a much smaller scale.

The company’s valuation has seen significant fluctuations, dropping from a $95 billion peak in 2021 to $50 billion in 2023, before recovering to $70 billion later that year as part of a secondary share sale. Stripe ranked third on CNBC’s Disruptor 50 list last year.

Stripe has also been active in strategic acquisitions, agreeing in October to acquire crypto startup Bridge Network for $1.1 billion. Bridge Network’s technology aims to simplify transactions for businesses using digital currencies.

Founded in 2010 by brothers Patrick and John Collison, Stripe has consistently avoided public markets and has not signaled plans for an IPO in the near future. Meanwhile, the company’s total payment volume surpassed $1 trillion in 2023, reflecting its enduring strength in the payments space.