Friday, February 28, 2014

Outtakes from Nick Denton's recent interview:

No, we never lost money. That’s the crazy thing. I’d seen all the people in 2001 run out of money slowly, like just their blood draining onto the sand. And that was not going to happen. So within two or three weeks of Lehman, we cut like 30% of the costs just like that. It was a terrible thing, but an amazing achievement and also pointless all the same time. It was cruel to the people who were fired, probably unnecessarily, because we ended up having enough money. It was admirable in the sense that we weren’t taking any chances with the rest of the jobs in the company or with our future and we made decisions that had to be made. And it was pointless in the sense that actually our revenues increased by 30% and it was the first time we ever generated significant profits.