Mixpanel laid off 18 people yesterday, representing less than 10 percent of its 230-plus person team.

“This is obviously a deeply tough decision,” said CEO Suhail Doshi. “By no means do we intend to hire people only to let them go … We’re very sorry that it happened.” Many other startups are also cutting costs by cutting their headcount.

The news was first reported in VentureBeat, which quoted Doshi as saying, “We just overhired.” He confirmed to TechCrunch that 18 people were laid off, mostly in sales.

Founded in 2009, Mixpanel says it provides mobile and web analytics tools to 3,683 customers including Airbnb, Spotify and Venmo. It raised a $65 million round from Andreessen Horowitz at the end of 2014.