According to a report by The Information on Wednesday, digital payments company Stripe has lowered the internal value of its shares by approximately 11%, resulting in a valuation of $63 billion.

This marks at least the third time since June that Stripe has decreased its internal valuation, with a previous cut made in October. The total reduction over the past six months is said to be around 40%, according to a source familiar with the situation.

Last year, technology stocks in the U.S. took a hit as investors became cautious due to concerns of a recession and tighter monetary policies. Stripe, a financial technology company, did not provide comment to Reuters when asked for a statement.

In November, Stripe also reduced its headcount by around 14%, citing that the company had hired too many employees and incurred excessive operating costs.