Software company Perion Network has embarked on a streamlining and cost-cutting process after Microsoft changed the advertising rules on its search engine Bing, significantly harming the Israeli company's revenues.
As part of this streamlining, Perion will lay off 35 employees, most of them in the search division in Israel. This represents 15% of the company's Israeli workforce, which currently has 230 employees. In total, the company employs 650 people.
About two weeks ago, Bing announced it was completely removing several advertisers from its network. As a result, Perion's revenue from its collaboration with Microsoft will fall to less than 5% of its total revenue in the second half of 2024. Previously, revenue from this collaboration accounted for a large part of Perion's activity.
https://www.calcalistech.com/ctechnews/article/sjdai5d8r