Recent Posts
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Team Internet lays off 200
When Google tweaks its algorithms, people lose their jobs.
That seems to be the takeaway from Team Internet’s latest trading update, which includes the revelation that more than 200 employees, more than a quarter of its 2024 end-of-year headcount, have been laid off recently.
The blame was laid squarely with changes to Google’s advertising services, which already scuppered a deal that would have taken Team Internet private back in March.
Google said back then that its advertisers would be opted out of AdSense For Domains, the service that Team Internet used to monetise most of its parked domains, by default.
Team Internet has been migrating its domains to Google’s Related Search for Content, which shows context-relevant suggested searches on content pages, but it’s taking time to make the move.
The result of this is that the company made a lot less money in its first half. Revenue for the six months to June 30 was $263.9 million, compared to $409.7 million for the first half of 2024.
The company also slipped from profit to loss at the operating level, while adjusted EBITDA was $24.6 million, compared to $46.6 million a year ago.
Its Domains, Identity & Software division, which includes the CentralNic registry and registrars such as Key-Systems, saw revenue up a smidge at $103.9 million and adjusted EBITDA up 28.9% at $10.7 million.
The growth was driven by price, not volume. The number of handled domain reg-years was down by 4% to 12.9 million, while the average price was up 7% to $12.79.
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Layoffs at Team Internet have been underway for more than 12 months across their DIS division. Most of the experience has left the organisation which has unsettled customers and partners.
It was interesting to hear the CEO say recently that losing RADIX was ‘immaterial’. The reality is, it is a trend that is not stopping.
What was a great domain business took a misstep, invested heavily into adsearch and monetisation and it has not played well.
Still surprised the CEO has his job but when your mate is the main shareholder, I guess you are safe…