Stripe Cuts Valuation 11% to $63 Billion, The Information Says
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Stripe Cuts Valuation 11% to $63 Billion, The Information Says
(Bloomberg) -- Stripe Inc. has reduced its internal valuation by about 11%, at least the third time since June that the US payments startup has lowered its own view of its share price, The Information reported, citing a person familiar with the matter.
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The internal price is used for new stock-based compensation, and could help set expectations ahead of an IPO. The latest cut reduces the share price to $24.71, implying a valuation of about $63 billion. That follows a cut in October, when the price was lowered from $29 to $27.73, The Information reported.
Stripe, one of the world’s most valuable startups, is cutting jobs to rein in costs ahead of any economic downturn. The company in July told staffers that an internal valuation for the company dropped to about $74 billion, compared to the $95 billion it received in its most recent fundraising.
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ReutersStripe cuts internal valuation by 11% - The Information
It's at least the third time since June that Stripe has cut its internal valuation, following a smaller cut in October, and brings the total reduction to about 40% in the past six months, according to the report, citing a person familiar with the matter. Stripe did not immediately respond to a Reuters request for comment. Stripe in November cut its headcount by about 14%, saying that the payments startup had overhired and grew operating costs too quickly.
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TechCrunchStripe's internal valuation gets cut to $63 billion
Stripe, a richly valued payments startup, has cut its internal valuation yet again, according to sources familiar with the manner. The cut, first reported by The Information, puts Stripe's internal per-share price at $24.71, down 40% since peaking. The 11% cut comes after an internal valuation cut that occurred six months ago, which valued the company at $74 billion.
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