I'm not going to believe this "matured business" narrative when the letter itself claims right after that.
>We continue to see softening demand and macro headwinds in our core business.
This isn't a matured business strategy. This is a business predicting a cold winter and trying to bundle itself up. Of course, the less people to warm up the better.
Yea, that's fair. I'm just being critical of the 'facade' (said with less ire than it sounds). The size is no surprise, in or out. I'll be mildly merciful - not all his doing
Their revenue has only been growing ~5% (and slowing to just 1% most recent quarter).
When you aren't growing, you must focus on operation efficiencies.
Rule of 40, now being applied to margin.