Chinadotcom slashes 500 jobs
What a miserable start to the day
NASDAQ-listed Chinadotcom is to slash some 500 jobs in its bid to break even, the company announced today.
This latest round of job cuts is in on top of redundancies announced in March when the content and e-services company said its headcount would reduce from 2,417 to less than 2000 by Q2.
The job losses will bring Chinadotcom's workforce down to around 1,500. As a result, it is looking to make savings by reducing its need for office space which will include cuts at its corporate HQ in Hong Kong.
Downsizing at such a rapid pace should save the company some US$50 million in its bid to break-even.
Said CFO Daniel Widdicombe: "Given the current and projected Internet economy, we need to create a healthier size and structure to capitalise on the changed competitive landscape both from an operational and an acquisition standpoint."
Giving 900 or so people the boot since March is one way of doing that, we guess. ®