Marchex has laid off roughly 10 percent of its staff following a tough quarter during which the Seattle company reported a $68.8 million loss.
Marchex has laid off roughly 10 percent of its staff after a tough quarter during which the Seattle company reported a $68.8 million loss.
The advertising-analytics company confirmed the news Friday, saying the 40 cuts took place across all departments in Seattle.
Marchex will have about 335 employees after the layoffs, said spokeswoman Sonia Krishnan. The layoffs were a cost-cutting measure, she said, as the company attempts to meet its annual financial goals.
Marchex’s stock sank 17 percent last week after the company reported the quarterly loss, which was twice its $34.4 million in revenue.
Most Read Business Stories
- As Seattleites and their money flow south, Tacoma residents grapple with changing neighborhoods
- Amazon has 37,000 job listings — maybe its most ever
- FAA faces dilemma over 737 MAX wiring flaw that Boeing missed
- Tesla repeatedly veered toward spot where engineer later crashed and died, investigators say
- 5 home improvements that may not pay off when you sell
CEO Pete Christothoulou said he was “disappointed” in the results, which he attributed, in part, to a few big clients reducing their overall marketing budgets.
Marchex studies analytics on mobile ad campaigns for businesses to determine which ads are attracting customers.
“This was a painful decision that required us to reduce our workforce to bring expenses in line with revenue,” Christothoulou said in an emailed statement Friday. “Despite these challenges, we are focused on executing on our opportunity and leading this market.”
News of the layoffs was first reported by the Puget Sound Business Journal.
All affected employees were informed Wednesday.