Forbes laid off about 5% of its employees on Friday, in the latest round of job cuts to hit the media world, reports Sean Burch of The Wrap.
Burch writes, “The business magazine’s website said it has about 500 employees worldwide, which would mean around 25 people lost their jobs. Forbes also has a network of 2,100 writers, but a Forbes spokesperson said they are not full-time employees and will not be affected by the Friday cuts.
“New CEO Sherry Phillips, in a memo obtained by AdWeek, said the reduction was due to the company not meeting internal financial goals.
“‘Unfortunately, as most of you know, we didn’t meet our financial goals in 2024,’ Phillips said. ‘As a result, we are reprioritizing resources and reorganizing some areas to further increase efficiency and laser focus on the core strength of our brand.'”
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