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Archive for October 23rd, 2008

AdMob Turns Profit, Aims To Boost Mobile Advertising

In what marks a positive sign in a struggling economy, AdMob on Wednesday announced it has achieved positive cash flow and secured a $15.7 million Series C investment fund.Led by Sequoia Capital’s Growth Fund — with existing investor Accel Partners also participating — AdMob intends to use the cash infusion to expand its market position in mobile advertising. The company has posted strong year-over-year growth. In fact, the mobile-advertising platform more than tripled the number of ads served on a monthly basis to 4.5 billion in September.

AdMob’s publisher network now includes more than 6,000 partners worldwide, including MySpace and MovieTickets.com. In September, AdMob ran more than 25 campaigns for brand advertisers, including CoverGirl, Toshiba and Comedy Central.

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Yahoo Will Lay Off 1500 Employees as Earnings Tank

Yahoo is laying off at least 1,500 workers in the wake of sluggish corporate profits. The layoffs equate to 10 percent of the Internet company’s workforce.Yahoo stumbled in its third-quarter earnings report. Revenues were $1.79 billion for the quarter, a one percent increase compared to the year-ago period. But operating income was $70 million, a 53 percent decrease from $150 million in the same period of 2007.

Jerry Yang, cofounder and chief executive officer, said as economic conditions and online advertising softened in the third quarter, the company remained highly focused on its strategy to invest in initiatives that strengthen its long-term competitiveness.

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