Stripe announced lays off 14% of global workforce
Stripe the digital payment firm based in Dublin has announced a 14% cut in their total workforce.
Founded in 2010 by Limerick brothers John and Patrick Collison, Stripe valued at $95 billion emailed employees on Thursday stating this workforce cut.
The digital payment giant suffered losses earlier on this year as the US technology stocks slumped tremendously crushing several technology companies in the US.
According to a report, the layoffs announcement came about after Stripe cut its internal valuation by 28 percent a few months ago.
“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,” the founders said in the email.
The Collison’s added they had overhired and grew operating costs too quickly.
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