Flipboard Lays Off Nearly a Quarter of Staff
Declining digital ad revenues and a shaky economic horizon forced major news aggregator Flipboard to cut nearly a quarter of its entire staff last week. Flipboard CEO Mike McCue confirmed the layoffs in recent Axios report. The layoff effect 24 workers, which amounts to 21% of Flipboard’s workforce.
“Yes, we restructured due to the bad economy and tough outlook for the digital ad business,” McCue told Axios. Flipboard launched 12 years ago with the vision of becoming the, “one place to find the stories for your day,” amid a growing cacophony of options exploding during the early mobile economy.
Much has changed since 2010 though. On the curation side, Big Tech backed aggregators like Google and Apple News have come to dominate the space and threaten smaller services like Flipboard. The wavering digital advertising space also continues to take a toll on a wide swath of tech firms including Meta and Snap. In the latter case, declining digital advertising revenues forced Snap to lay off 1,000 of its staff.
