Stripe has cut 300 jobs, representing about 3.5% of its workforce, mostly in product, engineering and operations, CNBC has confirmed.

The payments company, valued at about $70 billion in private markets, still expects to extend headcount to 10,000 by year-end, a 17% increase, and just isn’t slowing hiring, it said in a memo to Chief People Office worker Rob McIntosh. Business Insider I previously reported on the cuts and the memo.

A Stripe spokesperson also confirmed to CNBC that a cartoon image of a duck with the text “US Non-California Duck” was unintentionally attached as a PDF to emails sent to a few of the laid-off employees. In some emails, the affected employees were incorrectly given an incorrect termination date, the spokesman said.

McIntosh sent a follow-up email to employees apologizing for the “notification error” and “the confusion it caused.”

“Correct and complete notifications have since been sent to all affected stripes,” he wrote.

In 2022, Stripe cut about 1,100 jobs, or 14% of its workforce, joining a lot of the tech industry in downsizing as soaring inflation and rising rates of interest forced corporations to concentrate on profits fairly than growth. The information reported that Stripe had a couple of dozen layoffs in its human resources department in 2023.

Stripe's valuation fell from a high of $95 billion in 2021 to $50 billion in 2023 allegedly The company rallied to $70 billion last 12 months as a part of a secondary stock sale. The company ranked third on the CNBC Disruptor 50 list last 12 months.

Stripe in October agreed is paying $1.1 billion for crypto startup Bridge Network, whose technology goals to make it easier for businesses to transact digital currencies.

Brothers Patrick and John Collison, who founded Stripe in 2010, have deliberately stayed away from the general public markets and have given no indication that an offering is imminent. The company's total payment volume exceeded $1 trillion in 2023.

REGARD: Early bridge investor joins $1.1 billion Stripe deal

PARIS — Samsung on Wednesday unveiled the Galaxy Ring, its first foray into the world of “smart rings.” The South Korean tech giant goals to integrate its products — akin to smartphones and wearables — and offer health-tracking features that rival Samsung's. Apple's into the room.

The Galaxy Ring, which Samsung has been announcing for several months, is a light-weight ring equipped with sensors that enable 24/7 health monitoring, the corporate said Wednesday at its Galaxy Unpacked event in Paris.

Samsung's foray right into a latest product category comes at a time when smartphone sales are recovering barely but users are holding on to their devices longer. Device makers are in search of electronic add-ons to sell.

For Samsung, the Galaxy Ring is a brand new device that may track health features alongside smartphones and smartwatches. In recent years, Samsung has tried to market its health apps – which have gotten increasingly popular with consumers – as a key reason to purchase such products.

And Samsung is positioning the ring as a tool that could be worn alongside its smartwatches and smartphones and has artificial intelligence to offer a comprehensive picture of an individual's health. This move could boost sales of the corporate's other products.

“This will be the star of the show, all eyes will be on this new device and this new category from Samsung,” Paolo Pescatore, founding father of PP Foresight, told CNBC.

Pescatore said the ring was a “product that could help boost smartphone sales and migrate users to its platform.”

According to Samsung, the Galaxy Ring can monitor the next things:

• Sleep: The device can monitor an individual's movements during sleep, time to go to sleep, heart and respiration rate, and supply an evaluation of sleep quality.

• Menstrual cycle: Samsung says it uses skin temperature to trace an individual's menstrual cycle.

• Pulse: The Galaxy Ring can inform users when their heart rate is unusually high or low. Users may also check their heart rate in real time.

• Exercise: The Galaxy Ring can detect the style of exercise or activity an individual is doing.

The Galaxy Ring weighs between 2.3 and three grams depending on the scale. The device is out there in three colours.

According to Samsung, the Galaxy Ring's battery lasts as much as seven days. Like the wireless Air Buds, there's a transportable charging case.

The Samsung Galaxy Ring might be available starting July 24 and can start at $399.99.

On Wednesday, Samsung also unveiled its latest smartwatches – the Galaxy Watch 7 and Galaxy Watch Ultra. It is the primary time the corporate has released an “Ultra” model of its smartwatch, a tool designed for athletes and those that enjoy activities akin to mountain climbing and mountaineering.

The watches feature latest sensors and sports tracking features.

Samsung also launched its latest foldable devices on Wednesday: the Galaxy Z Fold 6 and Z Flip 6.

With the ring, Samsung is attempting to bind users more closely to its product ecosystem.

For example, when the smartwatch is connected to the phone, users can answer calls or take a photograph with a “double pinch” motion of their fingers.

When the Galaxy Ring, smartwatch and phone are paired together, Samsung says users get a more detailed picture of their health, especially when sleeping, since the devices pull data from more sources. Samsung said the ring's battery life is prolonged when worn along with the smartwatch.

“In fact, the watch and ring are part of a growing ecosystem that is becoming increasingly important as AI technology relies on data collected from different devices. The more devices a user has from the same brand, the more comprehensive the data collected, increasing the effectiveness of digital AI assistants,” Francisco Jeronimo, vp of device research for Europe, Middle East and Africa at IDC, told CNBC via email.

“This truly personalized experience will encourage users to choose devices from one brand over another.”

Like Apple, Samsung has also pushed ahead with the networking of its devices in recent times with the intention to promote user loyalty.

“It's no great surprise that Samsung is increasingly linking its products to an 'ecosystem story.' Apple has shown that fostering interdependence between products is an extremely effective way to keep consumers loyal to a particular brand,” Ben Wood, head of research at CCS Insight, told CNBC.

Although the Galaxy Ring is unlikely to be a best-seller for Samsung, it does underscore that the technology company desires to expand its target market.

“The Galaxy Ring is an interesting bet by Samsung,” Wood said, adding that the product category is a “niche segment” and that around 4 million rings are expected to be shipped in 2025. This is a “rounding error” compared to the 250 million smartphones expected to be sold next yr.

“However, it is a device category that fits well with growing consumer interest in health data monitoring and complements Samsung's current smartwatch sales, particularly in sleep monitoring.”

While smartwatches are large devices, a wise ring is less intrusive and could be worn way more comfortably at night.

Samsung will not be the one company selling such devices. Oura, considered one of the market pioneers, has sold 2.5 million units of its products within the last nine years, in accordance with CCS Insight. Since Samsung announced the ring earlier this yr, other players available in the market have also develop into interested. CNBC reported in February that Chinese electronics giant Honor is developing its own smart ring.

Wood said Samsung will have the option to ascertain itself in a bigger marketplace for smart rings than other competitors.

“Samsung is likely to be the market maker due to its global reach and significant marketing budget, raising awareness of a new product category that most consumers have not even heard of,” said Wood.

The Galaxy Ring could open up latest revenue streams for Samsung within the software space. Users can access their data from the wearables through the Samsung Health app. Hon Pak, the pinnacle of Samsung's digital health team, told CNBC in February that the corporate is “considering” a subscription service for the app.

“This category may not be a major revenue generator for Samsung, but it helps expand the wearable portfolio and opens the door for new services in the future if the company decides to do so,” said IDC's Jeronimo.

LONDON — The rapid rise of weight-loss drugs reminiscent of Wegovy and Mounjaro is giving rise to quite a few latest product lines as corporations hope to land on the correct side of disruptive change in healthcare.

Industries starting from food and beverage to retail and fitness have come under the highlight as demand for Novo Nordisk and Eli Lilly's so-called miracle drugs soars amid fears they may dramatically change consumer behavior.

However, some corporations say they welcome the new-found market opportunities.

Dutch biotechnology company DSM Firmenich told CNBC on Wednesday that it’s looking into dietary supplements to enhance and offset a few of the effects of weight-loss drugs, with CEO Dimitri de Vreeze calling it the natural evolution of the industry.

“If you want to lose weight and succeed, you move on to health, nutrition and lifestyle, because basically you want to carry on as you have been doing. And that's where we come in,” de Vreeze told CNBC's “Squawk Box Europe.”

The weight reduction injections are based on a bunch of medicine called GLP-1 (glucagon-like peptide 1) receptor agonists. They work by mimicking a naturally occurring gut hormone that helps regulate appetite within the brain.

Studies are ongoing into other health applications and possible negative effects of appetite suppressants, but De Vreeze said his company can also be looking into products to extend muscle maintenance and protein absorption.

“There are some side effects of weight loss drugs and that means it's harder to build muscle and keep protein levels up. And that's where we come in. We use ingredients and develop ingredients that kind of compensate for that,” he said.

Novo Nordisk and Eli Lilly didn’t immediately reply to CNBC's request for comment.

DSM will not be the one company trying to capitalize on the growing weight-loss drug market.

Swiss food giant Nestlé announced last month that it could launch a brand new frozen food range aimed toward GLP-1 drug users. The Vital Pursuits range, which can initially comprise 12 items including wholegrain bowls and pizzas, is designed as a dietary “companion” to the medication, the corporate said. said.

CEO Mark Schneider told CNBC last week that while weight-loss drugs are changing consumer behavior, “the need for nutrients is not going away.”

GLP-1 drugs are “certainly an interesting addition to all the other needs we are trying to meet in the food industry,” Schneider said.

Danone CEO Antoine de Saint-Affrique also told CNBC in April that he viewed GLP-1 as a “complement” to the French food group, adding that it could only increase demand for its food products.

However, in line with analysts at Barclays, it will not be yet clear whether consumers are roughly inclined to decide on healthy products because they take weight reduction medication.

“Greater adoption of GLP-1 drugs could be viewed as replacements for food categories that are more focused on health and wellness,” analyst Andrew Lazar said in a research note last 12 months.

“This means consumers may also eat more weight-control foods as they seek to eat healthier and use such products instead of more indulgent snack alternatives,” he added.

Such changes could have similar effects on restaurants, grocers and delivery services that “proactively” adapt to using the drugs, the bank's analysts added. They cited fast-food corporations reminiscent of KFC's Yum Brands and Shake Shack as potential beneficiaries if consumers see the drugs as “compensation” for such indulgences.

Airlines could also profit from the rise in passenger numbers as they increasingly seek to scale back fuel costs. In a report from September note According to Bloomberg, Jefferies analyst Sheila Kahyaoglu said United Airlines would save $80 million per 12 months if the common passenger weight were reduced by 10 kilos.

Even pharmaceutical packaging corporations may benefit, Barclays said, with corporations reminiscent of Germany's Gerresheimer seeing a two to 4 percent increase in sales from the weight-loss drug market, which is estimated to be value $100 billion.

It will not be yet clear whether such supplements can replicate the meteoric rise of weight-loss drug makers reminiscent of Novo Nordisk and Eli Lilly.

“We think it is too early for investors to take a definitive position on the impact of GLP-1 drugs outside of healthcare stocks, and the range of possible scenarios is very wide,” Barclays analysts wrote.

When asked whether the increasing demand for food could be reflected in his company's share price, de Vreeze admitted that it was “too early” to make such an announcement.

“This is something that has to be built over time. It's in the pipeline. But as soon as something changes, you'll see it reflected,” he said.

The latest products come at a time when other pharmaceutical corporations are hot on the heels of Novo and Eli, attempting to grab a chunk of the load loss pie.

In China, a key marketplace for the drug, about 15 generic versions of Ozempic and Wegovy are currently being developed, in line with clinical trial records. quoted by Reuters on Thursday.

Meanwhile, some analysts have also expressed caution concerning the continued growth of the load loss drug market.

“We don't necessarily believe that miracle cures will remain miracle cures forever,” Guillaume Menuet, head of investment strategy and economics for EMEA at Citi Wealth, told CNBC on Thursday.

The Food and Drug Administration approved on Friday Modern Respiratory syncytial virus vaccine for adults ages 60 and older, the corporate's second product ever to hit the U.S. market.

The decision is a victory for Moderna, which urgently needs one other income amid falling demand for its Covid vaccine, its only commercially available product.

The approval of the Moderna vaccine relies on a late phase clinical trial in older adults, who’re more at risk of severe cases of RSV. The virus kills between 6,000 and 10,000 seniors annually and leads to 60,000 to 160,000 hospitalizations, based on Data from the Centers for Disease Control and Prevention.

Moderna's vaccine is marketed under the brand name mRESVIA. It is the primary messenger RNA vaccine approved for a disease apart from Covid. The company's vaccine can be the one RSV vaccine available in a prefilled syringe, making it easier to manage to patients.

A Advisory Board The CDC will vote in June on recommendations for the use and intended audience of the Moderna vaccine. The company expects a advice reminiscent of that for existing RSV vaccines from GSK And PfizerModerna executives said during a conference call on May 1.

A positive advice from the CDC would allow Moderna's vaccine to compete against GSK and Pfizer, which launched their respective vaccines within the U.S. last fall. Pfizer's vaccine has lagged GSK's up to now, but each vaccines have generated a whole lot of tens of millions in sales up to now.

Moderna's full-year 2024 revenue forecast of around $4 billion includes revenue from its RSV vaccine.

The approval shows how versatile Moderna's messenger RNA platform is beyond treating Covid. The biotech company is using this technology to fight a variety of different diseases, including RSV, cancer and a highly contagious gastrointestinal virus called norovirus.

“The FDA approval of our second product, mRESVIA, builds on the strength and versatility of our mRNA platform,” Moderna CEO Stéphane Bancel said in a press release. “With mRESVIA, we continue to make a difference for patients by addressing global public health threats related to infectious diseases.”

The biotech company currently has greater than 40 products in development, several of that are in advanced testing phases. This includes its combination vaccine against Covid and flu, which could possibly be approved as early as 2025.

Moderna can be developing, amongst other things, a standalone flu vaccine, a customized cancer vaccine along with Merck, and vaccines against latent viruses.

Moderna says it expects sales growth again in 2025 and expects to interrupt even in 2026 due to the introduction of latest products.

Investors have high hopes for the long-term potential of Moderna's mRNA product pipeline: The company's shares have risen greater than 40% this 12 months after falling nearly 45% in 2023.

The FDA was originally scheduled to make a call on Moderna's vaccine on May 12, however the agency delayed approval, citing internal “administrative constraints.”

A Phase 3 study A study of around 37,000 people showed that Moderna's vaccine was 83.7% effective after about three months and prevented at the very least two symptoms of RSV infection. Data That February study found that vaccine effectiveness had dropped to 63% after 8.6 months.

At the time, these results raised concerns amongst investors that the vaccine’s effectiveness would decline faster than that of the vaccines from GSK and Pfizer. Moderna in a opinion These comparisons are usually not possible without direct comparison tests.

The company added that its study had different study populations, geographic locations and case definitions for RSV, amongst other things.

No significant safety concerns were identified amongst patients who received the shot as a part of the study. Most uncomfortable side effects were mild to moderate and included pain on the injection site, fatigue, headache, muscle aches and joint pain.