Forbes has laid off about 5% of its staff

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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Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.