Flipboard CEO Mike McCue. Illustration: Rebecca Zisser / Axios
Online content aggregator Flipboard last week laid off 24 staffers, or 21% of its workforce, Axios has confirmed.
Why it matters: The cuts are one more sign that a slowdown in the online advertising market, fed by broader economic headwinds, is hurting a range of tech firms large and small.
What they're saying: "Yes, we restructured due to the bad economy and tough outlook for the digital ad business," CEO Mike McCue said in an email interview. "As a result we had to make the painful decision to let 24 members (21%) of the team go. We’re doing everything we can to support them through this transition."
Between the lines: Flipboard launched in 2010 as an iPad-only app that pulled together content from other sources in an attractive design.
- While it has expanded into video and increased local coverage, Flipboard today faces stiff competition from Apple News as well as news aggregators from Google, Meta and other providers.