DoubleClick cuts media staff

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New York--Online advertising company DoubleClick Inc. cut some of its media staff this week because of the sharp downturn in the ad market. About 20 people were let go. Last week the company posted a wider third-quarter net loss, and revenues fell 31%. DoubleClick CEO Kevin Ryan said the company could achieve profitability next year through stringent cost cutting, including layoffs during the fourth quarter. A statement released by the company said: "DoubleClick plans to be profitable for the full-year 2002. In line with that commitment, we stated that we were going to be taking steps to cut expenses and to run our business more efficiently." Rumors have been rife for weeks that the company is in danger of closing altogether.
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