Mortgage Bust - News for the New Depression
Monitoring the economic falloutFuckedcompany founder gets fucked with AdBrite Layoffs
150 points for the dot.com deadpool
It’s not a happy day at San Francisco-based Adbrite
this morning. The company is laying off 40 employees, which is 40% of total staff. Among those that are leaving are VP Marketing Paul Levine and VP Finance Bob Feller.
This is the second Sequoia-backed startup to report significant layoffs after last week’s meeting where Sequoia warned the CEOs of their portfolio companies of the long lasting effects of the downturn, and urged them to control costs and become cash flow positive. On Tuesday Jive Software, also Sequoia-backed, had a significant reduction in headcount as well.
There is a silver lining to the layoffs, or at least for those who still have a job at Adbrite: The company will now be cash flow positive and profitable, CEO Iggy Fanlo and Levine said in a phone conversation. The company had gross revenues of $32 million in 2007. He won’t discuss current revenues, other than to say it continues to grow, and that October will be a record month.
ARE YOUR TALKING TO ME?! FUCK ME!? FUCK YOU! I AM PUD GOD DAMNIT!
The irony of Adbrite making cuts isn’t lost on us. The company was originally spun off from FuckedCompany.com in 2003 by founder Philip Kaplan. FuckedCompany, of course, brutally chronicled the layoffs and liquidations that marked the end of the 2000 Internet bubble
C’mon people! Let’s give the guy a break. He had a vision for something great and tried his best to make it happen. Not every business succeeds, in fact almost many fail. He had the guts, the vision and the nerve to be great.
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