Though the two-percentage point decline in the jobless rate from 3.7% in August was partly because of people leaving the workforce, the Labor Department’s closely watched employment report on Friday also showed fewer Americans working part-time for economic reasons last month. employers hired more workers than expected in September, while the unemployment rate dropped to 3.5%, pointing to a tight labor market that keeps the Federal Reserve on its aggressive monetary policy tightening campaign for a while. He remains Evernote’s executive chairman.Ĭopyright ©2022 Dow Jones & Company, Inc.
Libin, who co-founded Evernote and served as its CEO for most of the company’s growth, this month joined VC firm General Catalyst Partners. Meritech Capital Partners, Sequoia Capital and
Its website still offers a wide range of products, including a Web-clipping service, Moleskine notebooks and a scanner.Įvernote has raised more than $300 million from investors including The startup shuttered one of its consumer-focused apps, a recipe-saving service called Evernote Food, this week. Its paid subscribers, who pay up to $50 a year for more storage and additional features such as business card-scanning and presentation software, have increased 40% over the past year, Mr. Gilt Groupe also reportedly laid off about 10% of its workforce back in early 2012, not long after raising capital at a $1 billion valuation.Įvernote is shedding jobs as it attempts to transition from a popular consumer app to a paid subscription service used by professionals in more than 20,000 companies. The company failed to right its course through several rounds of layoffs. Evernote's job cuts could serve as a warning to the more than 120 private companies now valued at $1 billion or more, even as an average of two private companies join that club every week.įab.com, an e-commerce startup valued at $1 billion in 2013, sold for a small fraction of that amount earlier this year, after the company grew too quickly overseas and burned through its cash.
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