We are pleased to announce that 2008 was another fantastic year of growth and revenues continue to climb rapidly. Our marketplace is thriving. Our customers are enthusiastically endorsing our many new products and features, putting more money in the pockets of our many sellers and partners.
That said, nobody is immune to the stark realities of the economic climate, and it is with heavy hearts that we are announcing a 15% reduction in force today. This difficult decision was essential to ensure our profitable status and protect our solid balance sheet, no matter how long the global markets are economically-challenged.
Ever since we took outside funding in 2005, we’ve invested aggressively in the company’s future, primarily by seeking the absolute best and brightest employees. We are very picky. It took us more than three months of sorting through hundreds of resumes and interviewing literally dozens of candidates, before we hired our first engineer.
Not compromising on people was the best thing we ever did. We’ve always prided ourselves on having the most passionate, intelligent and creative people in the Valley. We’ve grown from just a few people in a portrait studio side office to hundreds of employees (here & here), and in the process we’ve become a family, respectful and appreciative of all who have contributed so much.
It is extremely difficult for us to say goodbye to some of these extraordinary people today. We truly wish them all the best in their future endeavors.
Moving forward at Zazzle, our team is fully committed to continuously improving our platform for our millions of customers, sellers and partners. We will proceed with a relentless passion for innovation and continue to grow in these challenging times.
Robert, Bobby & Jeff