(Reuters) – Digital payments firm Stripe has cut the internal value of its shares by about 11%, implying a valuation of $63 billion, the Information reported on Wednesday.

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.

Last year, U.S. technology stocks were badly hit as tightening monetary policy and worries of a looming recession soured investor sentiment.

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.

(Reporting by Siddharth Jindal in Bengaluru; Editing by Rashmi Aich)

Copyright 2023 Thomson Reuters.

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