Meditation and psychological well being firm Headspace Health has confirmed it laid off 181 staff or about 15% of its workforce.

The cuts are the second spherical of layoffs for the corporate up to now 12 months. In December, it laid off about 4% of its workforce, or approximately 50 workers. 

The firm’s CEO, Russell Glass, introduced the current layoffs in an inner memo to workers, stating that the corporate underestimated how the present financial setting would influence shopper conduct. 

“With the privilege of supporting the mental health and wellbeing of millions of people around the world also comes great responsibility to focus on the health of our business and safeguard it for the future. On June 29th, we announced several important changes to our strategy and organizational structure at Headspace, including reducing the size of our workforce by 15%. These changes will equip the company for the future and pave a strong path to profitability. We’re deeply grateful for the employees we said goodbye to and are committed to supporting them through this time of transition,” a Headspace Health spokesperson instructed MobiHealthInformation in an electronic mail. 

THE LARGER TREND

In 2021, Headspace Health was fashioned through the merger of meditation app Headspace and psychological well being firm Ginger. 

Since the union, the corporate has scooped up different psychological health-focused startups, together with Sayana, maker of AI-enabled psychological health-tracking and sleep apps, and Shine app, a psychological wellness platform centered on culturally competent and inclusive choices.

In January, the digital psychological well being firm said it would begin offering its scientific care companies to firms within the U.Okay. and develop into different worldwide markets in 2023.