Adtech company Teads is laying off staff 10 months after closing its merger with Outbrain

"Adtech company Teads told employees this week it is laying off staff across its global offices, Business Insider has learned. A spokesperson for Teads confirmed the layoffs, adding that they affected less than 10% of the company's head count. They declined to provide further comment. Teads had roughly 1,800 employees as of November. The news comes roughly 10 months after Outbrain, the adtech company best known for its content recommendation widgets, closed its $900 million acquisition of Teads from the European telecommunications giant Altice."

"Teads' share price is down more than 90% year to date. The company missed on both revenue and earnings per share in its third quarter and issued a profit warning. Kostman said on the company's November earnings call that Teads had experienced complexities due to the merger process, as well as "macro volatility in certain geographies and verticals." The company recently hired adtech veteran Mollie Spilman as its chief commercial officer, as part of its plan to turn around its business."

Teads is laying off staff across global offices, with reductions affecting less than 10% of the company's head count. Teads had roughly 1,800 employees as of November. The layoffs come about 10 months after Outbrain closed its $900 million acquisition of Teads and rebranded to Teads. David Kostman became CEO following the merger. The merger aimed to combine Teads' video expertise with Outbrain's performance marketing to build a scaled end-to-end advertising platform. Teads' share price is down more than 90% year to date. The company missed revenue and EPS in Q3 and issued a profit warning. Kostman cited merger complexities and macro volatility. The company recently hired Mollie Spilman as chief commercial officer to help turn around the business.

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