The payments services giant Stripe insists that it is still on pace to increase its employee count to 10,000 in 2025 despite hundreds of employee layoffs announced this week.

The job cut plans, which impacted 300 people in the product, engineering, and operations departments, were disclosed in a memo sent to employees Monday which was reported by the media outlet Business Insider. The memo said the affected employees left the company on Monday, although it does not say when those employees were notified that their jobs were cut.

A Stripe spokesperson confirmed Tuesday that the memo was sent to employees and confirmed its contents.

"Leaders took a close look at their organizations and team structures," the memo said. "It became clear that there were several team level changes needed to make sure we have the right people in the right roles and locations to execute against our plans."

Stripe has shown signs that it is considering an initial public offering, according to consultants and analysts who follow the company, although its executives have not publicly confirmed such a plan.

The company had 8,500 total employees before taking the layoffs into account, the Stripe spokesperson said in an email. The spokesperson declined to comment on the staff reduction beyond what was written in the memo. 

Stripe has dual headquarters in Dublin, Ireland and San Francisco. The company didn't comment on where employees will be cut or added.

"I want to be clear that we're not slowing down hiring," said the memo, which was signed by Stripe Chief People Officer Rob McIntosh. "We expect to grow headcount across all our locations and land at about 10,000 Stripes by the end of the year."

Stripe also laid off employees in 2023 and 2022.The company cut 40 positions in July 2023, and slashed its workforce by 14% in late 2022.

As a privately-held company, Stripe does not release information about its revenue and net income, but the memo said the layoffs are not connected to financial performance.