Palo Alto, Calif.--In its third round of job cuts, Red Herring Communications Inc. said it has laid off 20% of its staff. The company, which publishes Red Herring and Redherring.com, said the layoffs--54 from a staff of 266--were across all departments. Red Herring previously laid off 57 staffers. A weakening advertising market has hit Red Herring hard, with ad pages off 56% in the first quarter and ad revenue down 23%, according to the Magazine Publishers of America. Still, the magazine recently boosted its circulation to 325,000. Red Herring has denied reports that it is shopping itself around.