Ian Hardy for MobileSyrup:

Pebble is laying off 25 percent of its total staff this week (about 40 employees). CEO Eric Migicovsky confirmed the news to Tech Insider. The company has since issued a statement, “We have a vision where wearables will take us in five to 10 years, and this is setting us up for success.”

This is sad news but the company has plenty of competition in the space that didn’t exist even a few years ago and it’s likely going to get harder.