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CNET warns lower first quarter revenues-again

Published on .

San Francisco--In another blow to the company, CNET Networks Inc. again warned that its first-quarter revenue will fall short of Wall Street projections because of the slowdown in online advertising spending. The Internet company said Thursday that, based on current forecasts, revenue will fall between $75 million and $80 million, compared with previous estimates of $86 million to $92 million. Last month when it reported fourth-quarter results, CNET warned that weakening marketing conditions would hurt revenue and earnings this year and would cause it to cut 10% of its staff of 1,900 employees. Before the company released that outlook, analysts had been expecting first-quarter revenue of $112 million.
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