Stripe, one of the world’s leading online payment providers, has announced that it will be laying off 14% of its staff. This move comes as the company grapples with a number of economic uncertainties, including rising inflation and fears of a looming recession. CEO Patrick Collison said that the layoffs were necessary to help the company stay competitive in a difficult economic climate.
This news comes as a growing number of tech companies have announced layoffs and hiring freezes in an effort to cut costs. Amazon, Google parent Alphabet, and Facebook owner Meta have all taken steps to rein in expenses. Companies like Netflix, Spotify, Coinbase, and Shopify have also announced layoffs.
It remains to be seen how this latest round of layoffs will impact Stripe’s business. However, given the company’s importance in the online payments space, it is likely that these cuts will be felt by both consumers and businesses alike.