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September 20, 2018 01:25 am

Evernote Slashes 15 Percent of Its Workforce

Evernote, one of the most popular productivity apps on the market, is struggling to stay on top of the charts. TechCrunch, after reporting two weeks that the company "lost several of its most senior executives," is reporting that Evernote's CEO Chris O'Neill on Tuesday laid off 54 people -- roughly 15 percent of the company's workforce. O'Neill said it is now focusing its efforts around specific functions, including product development and engineering. From the report: We've just been in touch with Evernote. It pointed us to a newly posted piece by O'Neill in which he outlines the company's strategy going forward, which includes to "operate with a more focused leadership team," to "operate more efficiently," and to "double down on product development -- both quality and velocity." As for its funding situation, an Evernote representative insists that things are far from dire. The company is not fundraising, says this person; further, we're told Evernote has $30 million on its balance sheet and will exit the year without burning cash. This comes after "a person who tipped TechCrunch off to the executive departments two weeks ago characterized Evernote as 'in a death spiral,' saying that user growth and active users have been flat for the last six years and that the company's enterprise product offering hasn't caught on."

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