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TERRA LYCOS LOWERS REVENUE EXPECTATIONS BY 30%

Published on .

(May 10, 2001) -- Terra Lycos announced to analysts Wednesday that revenues for the full year would miss its previous target, blaming market conditions. The company said it now expects revenue of about $623 million to $650 million, well below the $900 million that analysts had expected. Terra Lycos now expects to be profitable by the second quarter of 2002, six months later than it had anticipated.

The Internet service provider, created last year when Spain's Terra Networks bought New York-based Lycos, announced Tuesday it would cut 500 jobs globally, representing 15% of its workforce. -- Adrienne Mand

Copyright May 2001, Crain Communications Inc.

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