Amazon announced a hiring freeze, while Lyft, Stripe and Chime all announced layoffs, citing concerns about the economy.
Co-Founders John Zimmer and Logan Green blamed inflation and a slowing economy in a staff memo,Stripe, the e-commerce payment processor, said Thursday it would lay off around 14% of its workforce.
It said its management greatly overestimated the internet economy’s near-term growth, and underestimated the impact of a broader slowdown.to employees. "We are facing stubborn inflation, energy shocks, higher interest rates, reduced investment budgets, and sparser startup funding."that it planned to cut 12% of its 1,300-person workforce.for new hires across its corporate workforce, telling employees that the economy is "in an uncertain place.
"We’re facing an unusual macro-economic environment, and want to balance our hiring and investments with being thoughtful about this economy," Amazon HR chief Beth Galetti wrote in a memo, published by CNBC.These announcements continue to stand in contrast to data that suggests the labor market remains strong, despite the Federal Reserve's aggressive tightening efforts.
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