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Cashing Out: Week of Nov 30th- Dec 6th, 2008 in Online Marketing News
Positive Black Friday and Cyber Monday Numbers
The largest shopping weekend of the year showed that online retailers could still put up solid numbers despite the recession. ComScore reported Cyber Monday sales at $846 million up 15% over last year. According to the National Retail Federation shoppers spent $41 billion dollars up 7.2% over last year. Standouts included:
Buy.com boasted its largest Black Friday ever with 40% growth in sales year over year.
Nintendo Wii was the hottest selling product, according to Yahoo Tech News, with the only non-electronic item in the Top 10 being the classic Ugg boot.
Layoffs Kick into Gear
After a short lull, layoffs hit hard this last week with several major companies announcing layoffs including:
AT&T – Had the biggest announcement this week cutting 12,000 jobs about 4% of its workforce
Adobe – Eliminated 600 jobs about 8% of its staff
RealNetworks – Cut 130 jobs about 7% of its staff
LeapFrog – Let go of 70 jobs about 10% of its workforce
Razorfish – Let go of 36 jobs about 2% of its staff
Marchex – Trimmed 35 jobs about 10% of its staff
Bad Signs for ValueClick
Financial analysts teamed up on ValueClick this week putting forward some bleak projections for the ad network’s business. Barron’s is projecting a 13.5% decline in overall revenue for 2009 with a market cap of $475 million. Additionally Piper Jaffrey this week singled out ValueClick as being particularly vulnerable due to the decline in display advertising. Currently at $6.87 a share, ValueClick’s stock has dipped significantly from a high of $23.30 at the beginning of the year.
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