Stripe - owned by Limerick brothers John and Patrick Collison has announced it's cutting its global workforce by 14%.
That works out to about 1,000 of its 8,000 staff leaving the company.
In an email sent to employees from the CEO Patrick Collison - it said those who would be let go would be emailed within 15 minutes and would get 14 weeks severance.
The company was quite honest in its reasoning - it said it overhired in the past.
Also, said it was too optimistic about the internet economy's growth in 2022 and 2023.
Collison also said they grew operating costs too quickly - and are returning to their workforce level of February this year.
There are around 600 staff based in its European headquarters in Dublin - however, it's unknown yet how many of them if any are being let go.
