Marchex cuts 10 percent of workforce |
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Marchex cuts 10 percent of workforce
Marchex, the Seattle online search and advertising company, laid off 10 percent of its workforce Wednesday as it trims redundant positions from a series of acquisitions and adjusts to the changing economy.
"Like all companies, we just want to be prudent in this environment," said company spokesman Kevin Horn. About 35 people are losing jobs, including some contractors.
Horn said Marchex remains in a strong position with no debt and plenty of cash on the books. It also continues to hire for select positions.
But the company, which manages thousands of domain names and assists merchants with local advertising, scaled back its financial guidance slightly in an earnings announcement last month. It now expects revenue of $146.5 million to $148 million for the year and $35 million to $36.5 million for the fourth quarter.
That compares to revenue of $37.2 million during the third quarter. At the time of the financial report, Marchex CEO Russ Horowitz called the current economic climate for advertisers "challenging."
"...We are realistic about the impact the fluid economic conditions will have on the advertising sector as a whole for the foreseeable future. However, we believe that the local online opportunity will outpace overall Internet advertising on a relative basis, and that Marchex is very well positioned in local, one of the most important markets within Internet advertising over the next several years," he said.
Shares of Marchex are now trading at $5.70, down from a 52-week high of $14.15.
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