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WebProWire | the internet professionals newswire::
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CNET Networks Thursday announced its first-quarter revenue will be between $75 million and $80 million, rather than previously issued revenue guidance of $86 million to $92 million. The company expects negative cash flow of between $5 million and $12 million.
138 + 216 - SWiK::
How unusual for an internet company. but is sticking by projections of $1 billion in revenues Technology, with CNET.com as the anchor property
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"As we have seen over the past few weeks, several major technology companies have announced slower than expected sales this quarter and, as a result, many have deferred their marketing and advertising spending," Shelby Bonnie, chairman and CEO, said. "We've taken steps to reduce costs to best position ourselves to ride out this slowdown."
Last month, CNET parred down its workforce by 10
percent as a means of eliminating duplication and unprofitable businesses.
Meanwhile, internet.com, parent company of this Web site, is projecting revenues of $13-$15 million in the first quarter, compared with previous views of $15-$17 million. But for the year, revenues will still be above the $52 million in 2000 in the range of $70-$78 million in 2001.
Cnet trims sails to weather ad downturn / Firm to lay off 15% of its staff::
Cnet, one of the earliest and most successful Internet companies, provides news E-mail Dan Fost at dfost@sfchronicle.com.
http://www.sfgate.com/cgi-bin/article.cgi?f=/chronicle/archive/2001/07/25/BU117648.DTLHOME |
"We believe that Internet.com is prepared to handle this slowdown better than almost any other trade publisher because of the diversity of our other business lines, including our seminar operations," Chairman and Chief Executive Alan Meckler said in a statement.
internet.com also announced the acquisition of Intermedia Group, Inc., an integrated conference, consulting and management firm, for an undisclosed sum.
Shares of both companies traded lower on Thursday.
CNET is a direct competitor of internet.com.
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CNET, internet.com Trims Projections