Note-taking and task management application startup Evernote laid off 129 employees.
Parent company Bending Spoons told TechCrunch that Evernote "has been unprofitable for years, and the situation was unsustainable in the long term," forcing it to make the decision as it sets sights on profitability.
TechCrunch's analysis shows that the layoffs were conducted across all divisions, impacting product design, HR, engineering, sales, customer service, and marketing teams.
- This is the third major round of layoffs over Evernote's two decades of operations.
- Evernote was averaging $100M in ARR over the last five years.
- Italian app developer Bending Spoons acquired Evernote in Nov. 2022, shortly after it raised $340M in a funding round.
- TechCrunch suspects that increased investor pressure or Bending Spoon's desire to see a quick return on investment may have been the underlying cause behind the layoffs.
