Adbrite, the blog advertising network, recently laid off 40 employees, or 40 percent of its workforce. The job cut is just the latest reaction to a warning by venture capitalists to get costs under control.
Marketing VP Paul Levine and Finance VP Bob Feller are among the casualties.
CEO Iggy Fanlo and Levine said trimming its workforce allows the San Francisco-based company to regain profitability and stem cash losses, according to TechCrunch.
Sequoia, which funded Adbrite and others, earlier this month told companies belt-tightening was needed to survive the economic downturn. The VC summed-up its message with this Powerpoint slide:
“Get Real or Go Home.”
Adbrite, which says it earned $32 million in 2007, ranks among the top five advertising networks, according to Comscore.
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