Latest in Gear

Image credit:

Pebble cuts 25 percent of its staff (update: clarification)

The smartwatch maker is having a harder time finding cash.
Jon Fingas, @jonfingas
March 23, 2016
Share
Tweet
Share

Sponsored Links

It's not easy being an indie smartwatch maker in a sea of tech giants. Pebble CEO Eric Migicovsky has revealed to Tech Insider that his company is cutting 40 jobs, or 25 percent of its workforce, this week. Simply put, the "money is pretty tight" -- while Pebble has raised $26 million over the past eight months, the investment cash isn't as forthcoming as it has been in the past. Migicovsky is quick to stress that Pebble is in it "for the long haul," though, and has an idea of where wearable tech is going within 5 to 10 years.

How well Pebble is faring in the market isn't clear, though, and that's what matters in the long run. The firm mentioned that it sold over 1 million smartwatches by early 2015, but that was before both the launch of its Time watches and the arrivals of big competitors like the Apple Watch and most of the current Android Wear roster. The startup has to convince both you and would-be investors that it can survive in such a crowded market, and that's no mean feat when its rivals are much, much larger.

Update: Pebble tells us that Tech Insider took the quote out of context -- specifically, the CEO was referring to money from Silicon Valley venture capitalists being "pretty tight." This doesn't change the crux of the story.

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Comment
Comments
Share
Tweet
Share

Popular on Engadget

Get ready to raid 'Ghost of Tsushima' on October 30th

Get ready to raid 'Ghost of Tsushima' on October 30th

View
Jabra's ANC update for the Elite 75t earbuds is now available

Jabra's ANC update for the Elite 75t earbuds is now available

View
'If Found...' brings queer '90s nostalgia to Nintendo Switch today

'If Found...' brings queer '90s nostalgia to Nintendo Switch today

View
'Uncharted' set photos offer our first look at Tom Holland as Nathan Drake

'Uncharted' set photos offer our first look at Tom Holland as Nathan Drake

View
Google Fi's phone subscription gets you a Pixel 4a for just $15 per month

Google Fi's phone subscription gets you a Pixel 4a for just $15 per month

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr