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I don't think 11% is tiny at all. According to the article, that's 136 people. At an extremely low-end conservative cost of $200k per employee (I'm sure it's more than that), that's nearly $30M per year. If they truly believe that $30M wasn't being spent well, that's good money saved.

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They will now have a second larger round of layoffs by summer of 2023.

Oof. That's painful for moral. Much better to do a single deep cut, with a shift back to growth.

Is that your speculation or has that actually been confirmed somewhere?

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