I received several reports over the weekend that Rightside (NAME) laid off some of its work staff late last week.
I reached out to Taryn Naidu CEO of Rightside who had the following statement:
“”In an effort to lower the overall cost structure and realign our resources on more strategic parts of our business, we made a difficult decision to layoff around six percent of our employees last Thursday. These changes will allow us to put more focus on our key growth areas that will drive our company forward even more aggressively. It’s a great time to be in the domain industry and Rightside is well-positioned for success.””
Shares of Rightside rose over 4% today to close at $8.87 a share after hitting an intraday high of $9.13
Rightside traded a low as $7.32 last week but rebounded quickly in what still is a horrible 2016 for the stock market.
According to Yahoo the company has 250 employees.
Boys and girls, don’t try to be employed by somebody.
Mismanagement at the highest level as usual. Change of management is needed.
and so it begins..
What begins? 250 staff to run 40 tld’s? They are bloated. Unnecessary amount of staff.
This makes sense. Salaries are often the greatest overhead of any business. Longevity is directly tied to careful management of costs.
250 people to run the TLDs, the tech for the Donuts TLDs, Namejet, name.com, eNom, BulkRegister etc.
I think this is a healthy progression. The boys and girls who “delivered” get to stay
6% is nothing from 250, so they trimmed the fat. Not like they employed 100,000 people.
When you stop getting paid to run up other bidders there is less money to go around.
Maybe, get rid of one person in a top management position to save the jobs of 15 people who probably really need the job who have families to feed and a mortgage to pay. But, we know top management would not do that.
This is a business, they make business calls (hopefully) not a charity.
What good is freeing up one spot to save 15 if the revenue decreases? What if that 1 spot was crucial. I can appreciate your good heart but it does not translate in business all the time.
I was just offering another option which top management avoids.
And, if you look at some/many public companies, top management tends to be bloated.
I know shareholders usually welcome layoffs and cuts. Business as usual. Stocks rise.
I try to look behind the numbers. There are real people there. With families to support. I hope these folks can find new jobs soon. Not easy finding employment, unless you have amazing skills in tech, healthcare, or finance.
This is a poorly managed company. During the GTLD rollout, their platform was an epic fail, I tried to let them know about huge issues about failing to place EAP via ENOM, and how their whole platform was a mess, they could care less. The old we will let someone know about it, now get lost, I got to go on my break.
With all these moving parts, this could be a great company, alignment with China, they could have done something great.
I always thought they had the wrong CEO for this company. Nothing is going to change, will just buy them a few more cheese platters, and maybe another year.
Company is under performing big time.
Lay offs suck this not just some percent or figure …were talking about peoples lives and families here.