Perion Network Layoffs: Israel-Based Digital Ad Company to Lays Off 35 Employees Amid Cost-Cutting and Bing Search Engineās Changed Pricing Mechanism
Perion Network announced to lay off its 6% of the workforce due to cost-cutting measures. The Perion Network layoffs. announced due to Microsoft's pricing policy change, would affect around 35 employees.
Holon, June 26:Ā Perion Network is an Israel-based digital adĀ agency thatĀ has startedĀ laying off employees due to cost-cutting measures. The Perion layoffs will reportedly impact around 35 employees in the ad agency.Ā TheĀ job cuts at Perion Network would reduce around 6% of the workforce. Perion NetworkĀ has around 561 employees, of which 235 are based in Israel.
The dismissal of the 35 employees by Perion Network is a part of the company's streamlining and cost-cutting process, according to aĀ reportĀ byĀ Globes.Ā The report mentioned thatĀ theĀ Israel-based digital tech and ad agency company had been re-examining its organisational structure, particularly in the CodeFuel search division.Ā The activities in this division wereĀ reportedly scaled downĀ as Microsoft changed its rulesĀ of the Bing search engine.Ā NIT Calicut Layoffs: National Institute of Technology Calicut Planning To Lay Off Hundreds of Employees Under New Policy, 300 Families Likely To Be Affected.
The report said that in the past few months,Ā Microsoft madeĀ core decisions thatĀ negatively impacted Perion Network's revenue. The Israel-basedĀ techĀ company announced thatĀ Microsoft Bing was excluding certain numbers of publishers from its search distribution marketplace. It said that some of theseĀ publishers worked with Perion Network. Microsoft's action would affect the company's revenue and lead to a 5% reduction, said Perion Network.
Perion Network's streamlining plan aims to help the company focus on expanding its primary growth engines, which would include DOOH (Digital Out-Of-Home) advertising and AI-based advertising on smart TVs. Perion Network's CEO, Tal Jacobson, introduced revised revenue guidance down from the previous quarter. The reportĀ said that the company had around $118 to $122 million, whichĀ now has beenĀ revised down to $106 to $108 million.
Israel's Perion Network ranĀ into the same problem a few years ago with GoogleĀ when it changed its pricing policy. At the time, theĀ report also mentioned that theĀ Perion Network's revenue was affected.Ā This year, Israel's two more companies laid off employees. These included Bluevine, which laid off 12% of the workforce, and Moovit, which let 10% of its workforce go.
(The above story first appeared on LatestLY on Jun 26, 2024 07:48 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
