Seeing little hope for better times in 2003, online technology news provider Cnet Networks says it´s firing 80 more employees – about five percent of its work force. The cuts mark the fourth time in less than two years that Cnet has made significant job cuts to adjust for a business slowdown triggered by the high-tech slump.
The San Francisco-based company€™s last round of mass layoffs occurred seven months ago, when it laid off 190 workers. The latest purge will leave Cnet with slightly more than 1,500 employees, down from 1,900 at the end of 2000.
With fewer tech companies spending on Internet advertising, Cnet is expected to report 2002 revenue of around $230 million – about 13 percent below levels in 2000.