Rubicon Project has axed 100 employees as part of reduction efforts, after seeing revenue fall 57 per cent year-on-year (YoY) in the three months ended 31 December 2017, as well as an increase in net loss.

The advertising exchange reported revenues of $31.4m for Q4 2017, down from $72.7m for the same period the year prior. Across the year, this took total revenue to $155.5m – 44 per cent down on the $278.2m achieved in 2016.

With this in mind, and losses for Q4 increasing from $21.2m to $23.8m, Rubicon axed 100 of its staff back in January. Along with the staff decrease, the company will also reduce capital expenditures by $20m this year, while implementing ‘other operating efficiencies.

“We made significant strides to strengthen our competitive and financial position during and after the fourth quarter,” said Michael G. Barrett, president and CEO of Rubicon Project. “As our industry moves through a heightened consolidation phase, we continue to lead in transparency, trust, support and technology, all with extremely attractive pricing, to win business with buyers and deliver meaningful revenue growth for our publishers. 

“2017 was a year we invested heavily to position the company for growth and in 2018 we have now taken significant steps to reduce our operating costs and capex.  The result of recent double-digit ad spend growth, combined with todays cost reductions are intended to put us on strong financial footing and make us adjusted EBITDA positive in Q4 of 2018.”