Forbes Cuts ‘Small Percentage’ of Staff After Revenue Shortfalls

Forbes has announced it will be making a "small percentage" of staff reductions, following revenue shortfalls during the first half of the fiscal year, the company confirmed on Friday. A spokesperson for the media giant told TheWrap that the layoffs would impact staff across various business lines as Forbes seeks to redirect resources towards areas with stronger growth potential.

The company refrained from disclosing the exact number of employees affected. Forbes faces a challenging media environment, according to the spokesperson, citing a tough advertising market, evolving audience habits, and the ongoing struggle with traditional media business models. In an employee memo, CEO Sherry Phillips attributed the need for staff cuts to the difficult market conditions.

She emphasized that the company would continue to invest in its most promising areas while reassessing how it allocates its time, workforce, and capital. Affected employees had already been informed, as per the memo. Specific departments targeted by the cuts were not disclosed, nor was there any indication whether editorial roles would be eliminated or a firm timeline for completing the reductions.

Phillips acknowledged the difficulty of these decisions but assured that Forbes remains committed to supporting the employees impacted by the changes. The spokesperson added that the company would continue to work towards strengthening its business and preparing for its "next chapter." The post titled "Forbes Cuts 'Small Percentage' of Staff After Revenue Shortfalls" originally appeared on TheWrap.