Anghami announced it will be letting go of nearly 40 full-time employees.
Maroun said the cuts were necessary as the company worked to reduce operating expenses and focus on profitability. Maroun declined to answer a question about whether the company was preparing for a possible sale.
In its third quarter earnings, Anghami reported that its revenues grew by 29% to $31.7 million, up from $24.5 million in the year-ago quarter. The company’s gross profit rose 13% in the quarter ending Sept. 30 from the year-ago period, helped by a reduction in cloud computing costs by 19% and a 15% increase in music traffic in the quarter.
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