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CNET cuts staff by 10%

Published on .

San Francisco--Reeling from lagging ad revenues, CNET Networks Inc. said Tuesday that it is cutting 190 jobs, or 10% of its global work force. The online technology information company said it will eliminate certain businesses duplicated when it acquired ZDNet in October 2000, as well as support staff in various departments, including marketing. Half of the employees were let go on Tuesday. The remaining workers will get pink slips over the next few weeks. CNET's announcement came as the company reported a net loss for the fourth quarter of $424.4 million, or $3.16 per share. CNET has also reduced 2001 revenue expectations from $550 million to $580 million down to between $450 million and $480 million.
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