DoorDash is laying off 1,250 workers; about 6 percent of its staff, CEO Tony Xu announced today. Here’s why:

“The pandemic presented sudden and unprecedented opportunities to serve the evolving needs of merchants, consumers and Dashers. We sped up our hiring to catch up with our growth and started many new businesses in response to feedback from our audiences,” he wrote in a blog post.

“Most of our investments are paying off, and while we’ve always been disciplined in how we have managed our business and operational metrics, we were not as rigorous as we should have been in managing our team growth. That’s on me. As a result, operating expenses grew quickly.”

More on this in my coverage for Bon Appetit.