Payments Firm Stripe Cuts Valuation by 11%, Again

Stripe Inc slashed its internal valuation by 11%, the third time since June that the U.S. payments startup has reduced its view of its share price prospects.
The latest cut reduced the share price to $24.71, implying a valuation of about $63 billion, Bloomberg reported.
Also Read: Bitcoin, Crypto Payments Now Enabled On Stripe In Boost To Web3 Companies: What You Should Know
In October, Stripe reduced the price from $29 to $27.73.
Stripe cut jobs to control costs ahead of any economic recession.
In July, Stripe told staffers that an internal valuation for the company dropped to $74 billion, down from the $95 billion it bagged for its most recent fundraising.
The internal price is used for new stock-based compensation and could drive expectations ahead of an IPO.
In 2022, Stripe decided to offer customers access to Bitcoin four years after suspending support for the cryptocurrency, taking a cue from rivals like Block, Inc (NYSE: SQ) and PayPal Holdings Inc (NASDAQ: PYPL).