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Evernote, the productivity app that allows users to take notes and organize other files from their professional and unprofessional life, tries to regain its old reputation as one of the most popular apps in the world. United States. has been a continuous struggle.
Just two weeks ago, we reported that Evernote had lost several of its top executives, including technical director Anirban Kundu, chief financial officer Vincent Toolan, CPO Erik Wrobel, and human resources manager Michelle Wagner.
Chris O'Neill – who headed Evernote in 2015 after leading the business operations of the Google X Research Unit – shares demoralizing news with his employees. In fact, he pulled dozens. At an all-round meeting earlier today, he told employees that Evernote had no choice but to lay off 54 people, or about 15 percent of the company's workforce, and concentrate efforts on specific functions, including product development and engineering.
We contacted the company for more information on what the move means for Evernote. Meanwhile, this new development certainly has not look encouraging. In fact, a person who dismissed TechCrunch's leadership quits two weeks ago called Evernote a "spiral of death," claiming that growth in users and active users had not changed in six years. t caught.
It should be noted that Evernote, in addition to consolidating its ranks, could soon face a shortage of funds if these dismissals are not motivated by one. The company has raised nearly $ 300 million over the years, including Sequoia Capital, New Enterprise Associates and T. Rowe Price, but the last round, according to Pitchbook, ended in 2013.
You can learn more about what happened today via a note that O'Neill has just sent to staff members.
For those of you who missed our All Hands today, I have some hard news to share.
As part of an ongoing assessment of our business, we decided to make the difficult but necessary decision to put Evernote at the service of future success. We will say goodbye to 54 talented and dedicated people, each of whom has contributed to Evernote's mission. It was an extremely difficult decision and we had not taken it lightly.
As you've heard in recent months, I've set incredibly aggressive goals for the year. We have experienced significant growth this year, but at the same time we have invested too much ahead of this growth.
We must adapt quickly when part of our strategy does not meet our expectations. In the future, we streamline certain functions and continue to invest to accelerate others, such as product development and engineering.
I understand that today's news may cause concern. We must remember our incredible community of people who rely on our products and believe in our mission. Together, we have designed a product that serves over 225 million people around the world and trusts us with over 9 billion notes containing their most important thoughts, ideas and inspirations.
As I explained in All-Hands, Evernote has grown more than 20% in the first half of this year and we are in a stable financial position. Our third quarter sales remain strong and we expect to close the quarter north of $ 27 million. We have over $ 30 million in cash on our balance sheet and we will be leaving 2018 to generate more cash than we spend.
Although today is difficult, it is the right decision for the company and the best way for us to invest in our future. For friends and colleagues affected today, we will provide severance and other benefits to help them with their transition. We have a series of AMAs to answer your questions that have not been addressed today. As always, do not hesitate to contact me for any questions. Tomorrow I will be speaking publicly to our customers, partners and communities on our blog.
Chris
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