TERRA LYCOS TO CUT 500 JOBS GLOBALLY

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(May 8, 2001) -- Internet service provider Terra Lycos, formed last year when Spain's Terra Networks bought the U.S. portal Lycos, announced today it would cut 500 jobs globally, representing 15% of its workforce. It also posted a smaller-than-predicted first-quarter loss. The company reported revenues of $164 million, a 60% increase over the same period of 2000 and a 6% decrease from the fourth quarter. -- Adrienne Mand

Copyright May 2001, Crain Communications Inc.

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