AOL revenue downfall
C|Net | at | by Mike
AOL cuts corners like never before in attempt save it's own skin. AOL after Time Warner merger does not seem to have very deep pockets. AOL was not able to comment on current situation as all media representatives were laid off. hehehehe!
Time Warner's plans to cut 1,700 jobs lifted one of the gloomy clouds over its stock, but the company's ability to hit its 2001 financial targets remains in doubt, analysts said Wednesday. The Internet and media giant's shares, hurt by economic uncertainty and an advertising slowdown, have taken a beating in recent sessions, losing more than 13 percent since the beginning of the month. AOL Time Warner on Tuesday said it would cut 1,200 jobs, or nearly 8 percent of its 16,000-person staff, at its flagship America Online unit, as well as take a $100 million to $125 million charge in the third quarter. The company also said it would cut 500 jobs from its Netscape-Sun Microsystems alliance, iPlanet, which employs 3,000 people.