Raleigh software unicorn Pendo lays off 12% of workers

Why it matters: The layoffs are the latest sign that the fast-growing tech industry is still struggling with navigating an economy affected by inflation and uncertain future growth.

What they're saying: "Like many of our peers in tech, we are feeling the impact of continued economic uncertainty," Pendo CEO Todd Olson said in a statement. "This is a move we had to make to address the current global business reality and to make sure we have the right strategy and organizational structure in place to get to profitability and to achieve our long-term vision."

• "This was a very tough decision — one we made after a deep inspection into every part of our business and conversations with our Board."

Context: Pendo, a customer analytics platform for product adoption, has been one of the fastest-growing companies in Raleigh in the past five years.

• It nearly doubled its headcount in 2021 and was approaching 1,000 total employees that year.
• Earlier this year, Olson told Axios that 2023 would be pivotal for the company as it promised to focus on becoming more efficient and would continue to pursue a goal of filing an initial public offering at some point in the future.