Earlier this week, HubSpot announced it would lay off around 500 employees or 7% of its workforce.  The layoffs are part of the CRM company’s plan to cut costs. According to The Boston Globe, CEO Yamini Rangan wrote in a letter to employees that growth decelerated faster than expected last year. She also admitted that the company over-hired to handle demand at the start of the pandemic. The company will also close down its Cambridge, Massachusetts headquarters to consolidate office leases. HubSpot is expected to complete the layoffs by the end of the first quarter of 2023.