BlueJeans Network, a video-conferencing software maker that's raised over $175 million, just laid off 40% of its workforce, or roughly 200 people, including some of its c-suite members, Business Insider has learned.
The move is a cost-saving measure, aimed at getting the company to profitability faster than expected, according to people familiar with the matter, who asked not to be named because they're not authorized to speak on behalf of the company. In a meeting held on Wednesday, the leadership team told employees that it's making the job cuts because the company moved up its timeline to reach profitability by a year to the fiscal year that ends on January 31, 2020, these people said.
A representative from BlueJeans declined to comment, instead pointing to a blog post by BlueJeans CEO Quentin Gallivan published that said the company will become "profitable and operating cash flow positive over the next few months." After a number of high-profile startups, like Uber and Lyft, struggled post-IPO, and WeWork's attempt to go public failed amid spiraling losses, investors are shifting their attention towards profitability over growth.
With one of the highest churn rates in our data, seems the cuts are more than just 'getting to profitability' faster.
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