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24/7 Media issues revenue warnings, lays off 100

Published on .

Ad network 24/7 Media announced it expects to post a fourth-quarter loss of between 46 cents and 49 cents a share on $43 million to $45 million in revenue. First Call/Thomson Financial's mean estimate had called for a loss of 43 cents a share. The company blamed a still-sluggish market for online advertising in the fourth quarter.

The company consequently cut 100 jobs for a cost savings of about $12 million, according to 24/7 Media officials. Including this latest round of layoffs, 24/7 Media has laid off 300 employees since last month at a total cost savings of some $30 million. Meanwhile, C. Andrew Johns, 24/7 Media's chief financial officer, resigned from the company; Stu Shaw, former senior VP-finance and administration, is filling in as interim CFO. Company executives insist, however, that 24/7 Media expects to be cash-flow positive by the fourth quarter of 2001.

Copyright January 2001, Crain Communications Inc.

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