Ecommerce platform Stripe and ride-hailing service Lyft became the latest technology companies to lay off staff on Wednesday, while Amazon said it would pause new hires in its corporate workforce, as businesses tighten their belts to cope with an economic slowdown.

The job cuts at Stripe and Lyft come as a host of tech businesses have slashed or paused expansions to their workforces in 2022 to cope with rising costs and interest rates. Twitter is set to lay off up to half of its staff under new owner Elon Musk, the Financial Times reported earlier on Thursday.

In an email sent to staff on Thursday, Stripe’s chief executive Patrick Collison said the payments processor “overhired for the world we’re in” and would cut 14 per cent of its workforce, about 1,000 people, as it prepared for “leaner times”.