You never like to see layoffs but this makes sense to me. Even as someone who could code up his own websites (and has many times), I've considered Squarespace in the past for something like a marketing website. But today, I wouldn't even consider spending the money on that unless I was doing ecommerce through my Squarespace site.

Straight informational websites with rare/few edits can much better be handled with LLM-coded websites deployed to something like Cloudflare or just static hosting.