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Verizon Media Is Laying Off 150 Employees, Less Than 2% of Headcount


steven36
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Verizon Media, the division comprising brands like HuffPost, AOL, Yahoo, TechCrunch and Engadget, is set to lay off about 150 employees, the latest retrenchment by the telco’s still-declining digital-media group.

 

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Verizon confirmed the cuts, which were first reported by CNN. The job cuts represent around 1.4% of the 10,500 employees in Verizon Media, which the telco formed after acquiring Yahoo and AOL.

 

Verizon Media did not provide details on which areas of the business will be affected by the layoffs. The pink-slips will hit U.S. teams across the organization, per CNN.

 

In a statement, a Verizon Media rep said, “Our goal is to create the best experiences for our consumers and the best platforms for our customers. Today we are investing in premium content, connections and commerce experiences that connect people to their passions and continue to align our resources to opportunities where we feel we can differentiate ourselves and scale faster.”

 

 

The cutbacks come after Verizon Media let go 7% of its employees in January, or around 800 staffers.

 

 

Verizon Media revenue in the third quarter of 2019 was $1.8 billion, flat with the prior quarter and down 2% year over year. Revenue from mobile advertising is now outpacing desktop, which has been declining for years, according to the company.

 

Going forward, Verizon Media is focused on augmenting its advertising revenue with subscription fees (via services like HuffPost Plus and TechCrunch’s Extra Crunch), and transactions and ecommerce, such as the launch of Yahoo Sportsbook to allow mobile sports betting (initially only for users in New Jersey), CEO Guru Gowrappan said at a media conference last month.

 

Gowrappen, speaking the Code Media conference, also said Verizon is not selling HuffPost after reports that the telco was shopping the brand (possibly because it could not find a buyer). Verizon Media previously sold off other assets including Tumblr, Flickr and Moviefone.

 

 

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