Stripe Plans to Hire Fewer Than 1,000 Workers Through 2024

Stripe plans to grow its employee base by at most 12% through 2024, adding fewer than 1,000 people, as it aims to move back to profitability.

The hiring plan detail was part of The Information’s profile on John Collison, who has moved into an interim chief financial officer role at the company he co-founded more than a decade ago. Stripe has told investors Collison must approve any significant hiring plans. It roughly doubled its headcount from 4,000 to 8,000 between 2021 and 2022, before shedding more than 1,000 employees last November.

Stripe, which lost money last year, has started generating earnings again this year, excluding interest, taxes, depreciation, amortization and share-based compensation. Its revenue growth rate, however, was still roughly flat in the first quarter. Stripe grew net revenue by 23% last year. It lost about $75 million in adjusted Ebitda last year, and plans to generate about $100 million  in adjusted Ebitda this year.

Collison’s other challenge is getting Stripe’s finance department into shape. In recent years, the payments company missed financial goals, struggled to accurately forecast parts of its business and had difficulty measuring profit margins on different product lines, The Information reported.