AOL cuts 8% of work force after posting massive loss

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New York--On the heels of posting a second-quarter 2001 net loss of $734 million, struggling AOL Time Warner Inc. announced that it will fire 1,200 workers, or 8% of its work force. The cuts, nearly half of which will be made at iPlanet, AOL's software venture with Sun Microsystems Inc., follows the company's slashing of 725 jobs, or 5% of its work force, earlier this year. The latest round of layoffs come five days after AOL created its Global Marketing Solutions Group, which is charged with reviving the company's cross-platform marketing opportunities and serving its major co-marketing corporate partners, including Bank of America Corp. and eBay Inc.
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