Forbes is cutting a “small percentage” of its staff following revenue shortfalls during the first half of the fiscal year, the company confirmed Friday.
A Forbes spokesperson told TheWrap that the reductions would affect employees across its business lines as the company shifts resources toward areas with greater growth potential. Forbes declined to disclose how many workers were losing their jobs.
“The media industry continues to face significant challenges,” the spokesperson said.
CEO Sherry Phillips pointed to a difficult advertising market, rapidly changing audience habits and continued pressure on traditional media business models in an employee memo shared Friday by New York Times media reporter Ben Mullin.
Phillips said Forbes would focus its resources on the businesses, products, audiences and capabilities that have demonstrated the strongest growth. That includes continuing to invest in areas where the company sees “meaningful opportunity” while reconsidering how it deploys its time, workforce and capital, she wrote.
Affected employees had already been notified, according to the memo. Forbes did not identify the departments involved, say whether editorial positions were eliminated or provide a timeline for completing the cuts.
Phillips acknowledged that the changes could be difficult but said Forbes would continue working to strengthen its business and prepare for its “next chapter.”
“These decisions are never easy, and we are committed to supporting the employees affected by these changes,” the spokesperson added.
