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Jupiter to cut 80 jobs, issues earnings warning

Published on .

New York--Jupiter Media Matrix will cut 80 jobs, or 8% of its work force. The cuts come as the company issued a warning that it expects a fourth-quarter net loss of 22 to 23 cents a share, compared with earlier estimate of a net loss of 1 cent a share. Revenues are expected to be between $38.2 million and $38.5 million, compared with previous estimates of $39.5 million to $42 million. "The rapidly softening economy directly impacted our revenues and left us with expenses that were based on previously planned, higher growth rates," Jupiter Chairman-CEO Tod Johnson said in a statement.
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