I don't think so. They had plenty of paying customers. They claimed to be profitable for a long time (eg https://www.cnet.com/tech/services-and-software/evernote-rai...). They had trouble with (i) implementing big price hikes, and (ii) a poor, bug-filled user experience. While that was going on, they were facing increasing competition, yet they acting like a monopolist. OneNote, Google Docs, Dropbox Paper, Notion, and so on were providing a quality product at a better price. The lesson is one that many HN commenters would never accept. It's possible to set your price too high.