InfoSpace To Lay Off Around 35 Employees
We made it through the holiday season, but we have not, it seems, made it to the end of a rash of layoffs. Those continued today as it was discovered that InfoSpace would fire about 20 percent of its staff.
InfoSpace is best known for its ownership of the search engine Dogpile. And given that Dogpile is (at least in some circles) valued more for its holiday graphics than its search abilities, we agree that a few changes are needed. It’s a bit sad to see more people lose their jobs, though.
InfoSpace claims the layoffs, along with other cost-cutting measures, should save around $8 million. Rafat Ali notes, "Also, the company has appointed Bruce Allenbaugh to the new position of Chief Marketing Officer. Among other things, Allenbaugh served as VP-marketing for Avenue A (now aQuantive)."
So we’ll see what these changes accomplish. For the time being, the market seems unimpressed – InfoSpace’s stock is down 17 cents from its opening price. Yet, in one more good news/bad news sort of scenario, the Nasdaq is also down, so the drop may have been hard to avoid.