Perion Network (NASDAQ:PERI) layoffs are coming for the company’s employees as it seeks to streamline its operations.
Perion Network is cutting 35 jobs from its Israel search division. This represents 15% of its workforce in that country. The change comes as it seeks to reduce operations amid sliding revenue.
According to Perion Network, these layoffs are the result of Microsoft (NASDAQ:MSFT) changing the advertising revenue around its Bing search engine. This led to lower revenue for the company and required its cost-cutting measures.
Before this change, a large part of the company’s revenue came from its collaboration with Microsoft. With this change, it will only account for less than 5% of Perion Network’s revenue.
Perion Joins Layoffs Trend
Perion Network is the latest company to be affected by ongoing layoffs. This comes as major companies look to cut costs as a way to deal with increased inflation and high interest rates.
It makes sense that Microsoft is looking to cut costs. This makes its advertising changes to do so have a ripple effect that is hitting other businesses. That includes other Bing search partners outside of Perion Network.
PERI stock is up close to 1% as of Wednesday afternoon.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
