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Modem Media cuts work force by almost 5% in second round of layoffs

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Norwalk, Conn.--Internet advertising consultancy Modem Media Inc. plans to fire 40 workers, or 4.8% of its staff. The company's move comes three months after it laid off 95 workers, or 10% of its staff, and closed its Tokyo office. Modem Media recently reported first-quarter revenues of $33.4 million, up 17% from the year-earlier period. Its stock shares, however, are trading in the low single digits, off a 52-week high of $19.
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