Stripe laid off 300 workers while planning to grow its workforce by 17% to 10,000 by the end of the year, according to an internal memo. Chief People Officer Rob McIntosh cited necessary organizational changes to align the right people in strategic roles, although the company's performance remains strong. The layoffs primarily affected product, engineering, and operations staff. This decision follows a challenging period for Stripe, which experienced layoffs in 2022 and fluctuations in valuation but managed to boost its worth to around $70 billion last year.
Stripe announced a sudden layoff of 300 workers while planning to grow its workforce by 17% to 10,000 by year-end.
Chief People Officer Rob McIntosh emphasized that despite strong business performance, team-level changes were necessary to align workforce with Stripe's strategic plans.
McIntosh acknowledged the difficulty of the layoffs, stating, 'Our confidence that this is the right business decision doesn't make it easier for those who are leaving...'
Stripe has had a tumultuous period since 2022 with previous layoffs, a downturn in valuation, and recent growth indicating a complex business landscape.
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