Rubicon Project In Major Layoff, Chops 19 Percent Of Staff

Los Angeles-based online advertising marketplace Rubicon Project is in a major layoff, saying in its quarterly results on Wednesday that it is cutting 125 employees, or roughly 19 percent of its workforce. According to the company, its Q3 was a "challenging quarter" for its industry and "our business in particular". According to Rubicon Project, the cuts will save it approximately $18.0M in employee-related costs on an annual basis. In addition, Rubicon Project said it implemented "non-headcount related operating expense cost control initiatives" which will save it another $12.0M annually.