StumbleUpon Initiates Layoffs after It Fails to Secure Funds
Cernescu Andrei / 3 years ago
Discovery engine StumbleUpon was founded in November 2002 by Eric Boyd, Justin LaFrance, Garrett Camp and Geoff Smith, and it gradually became one of the most popular engines on the internet. However, it looks like the company is about to go through a serious rough patch, as it is about to cut down on no less than 70 percent of its workforce. The decision was made after StumbleUpon has been unable to secure additional funding. By this week’s end, the company’s workforce will be represented by around 30 people, down from almost 100.
Employees are informed of this fact and many of them are rounding up their existing projects. The 30 or so that will remain at the firm apparently work in engineering and sales. The website’s concept is a good one, in theory, as it aggregates content suited specifically to the needs of individual users. However, it seems that today’s market is extremely competitive, which is why StumbleUpon might actually be on its last leg. This wouldn’t be the first time that the company has fired a portion of its staff, as in 2013 it shed 30 percent of its workforce in an attempt to become profitable.
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