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NEW YORK (AdAge.com) -- Digitas, Boston, announced third-quarter financial results Wednesday that were below management's expectations, attributing the business slowdown to the economic downturn following the Sept. 11 terrorist attacks.

The net loss for the quarter was $44.8 million, or 75 cents per share, compared with $4.9 million, or 9 cents per share, during the same period last year. Digitas also reported revenue for the quarter of $51 million, compared with $75.5 million for the third quarter 2000. For the second quarter this year the company had revenue of $60.5 million.

The company also recently eliminated approximately 20% of its staff worldwide and closed its Hong Kong office and said it is continuing to restructure its real estate obligations. As of June, the company had approximately 1,600 employees.

Digitas said it anticipates these actions will produce ongoing savings of approximately $15 million this year and $60 million for subsequent years.

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