lays off 20 percent of staff

Wednesday, April 4th 2001, 12:00 am
By: News On 6

(NEW YORK) -, a struggling financial news Web site, is laying off about 40 people, or 20 percent of its staff, in its latest effort to achieve profitability.

The company laid off another 20 percent of its staff last November, when it also shut down its operation in Britain and closed its joint newsroom with The New York Times.

The Web site's revenues have been declining for the past three quarters, and it lost $13.4 million before one-time items in the fourth quarter of last year on revenues of $4.3 million.

In a statement released Wednesday, blamed the latest round of cutbacks on ``continued economic uncertainties and difficult market conditions.'' The cuts leave the company with a staff of 150.