Mental health app Headspace has laid off 181 employees, totaling about 15 percent of its workforce, the Los Angeles Times reported.
The digital health company, which offers guided meditation, previously let go of 50 staffers in December after a couple of years of growth in which it bought competitors Shine and Sayana and merged with Ginger.
CEO Russell Glass wrote in an internal memo Thursday that he "underestimated" how economic conditions would affect the behaviors of consumers but stayed "committed to being cash-flow positive in 2024 so that we aren't reliant on outside funding to serve our members," the Times reported.
"These changes will equip the company for the future and pave a strong path to profitability,” Headspace said in a statement to the news outlet.
The cuts mostly affect content creators for the meditation platform, according to the June 29 story.