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CNET to cut staff, miss sales forecasts

Published on .

San Francisco--CNET Networks Inc., which publishes technology-related Web sites, said Thursday it would cut 10% of its work force, or about 200 employees, and warned that its second-quarter sales would fall short of forecasts. CNET, which has a staff of 1,900, continues to get hammered with a double-whammy: the ongoing technology slump and the downturn in online advertising. The company said it now expects to report second-quarter revenue of between $57 million and $58 million, below the average analyst estimate of $60.13 million, according to research firm First Call. It sees a second-quarter loss per share of between 21 cents and 22 cents, which includes business realignment costs of 4 cents to 5 cents per share. Analysts are predicting second-half sales of $147.5 million and a loss per share of 23 cents. CNET's stock, which peaked at $79.88 in late 1999, gained 30 cents to close at $2.30 Thursday on the Nasdaq Stock Market.
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