The San Francisco-based company reduced 2001 revenue expectations to $65 million to $70 million, from $85 million to $90 million, and initiated cost-cutting measures to improve earnings-per-share expectations.
"The major reason for all of these actions is to enable us to operate in this kind of environment and take a more conservative approach," said Stacey Levitz, senior-director, investor relations at Netcentives.
In addition, the company has added the role of CEO to the duties of President Eric Larsen, who is responsible for day-to-day operations, while Chairman West Shell III takes a more strategic, client-focused role. Shares of Netcentives were at 88 cents in midday trading on the Nasdaq today, down from it 52-week high of $30. -- Cara Beardi
Copyright April 2001, Crain Communications Inc.