Feeds

The axe falls at CNET

Lops off 15% of heads

  • alert
  • submit to reddit

Internet Security Threat Report 2014

CNET Networks is to reduce its headcount by a further 15 per cent, on the back of a deteriorating sales outlook for the rest of the year.The layoffs will take place by mid-September.

The layoffs are CNET's second round of job cuts this year. In February it chopped 190 staff. But as the world's biggest tech portal, CNET has rather more staff to cut than most. Last year it bought rival ZDNET, emerging with 2000 employees.

CNET's cost-cutting drive includes the integration of "duplicative" businesses and shutting down certain non-profit or non-growth parts of the outfit.

The company also reduced sales expectations for the year to between $290 million and $300 million, down from the previous estimate of $310 million to $328 million.

The announcements came from the San Francisco-based company as it recorded its Q2 results. Excluding expenses, it posted a loss of $23.4 million for the three months ended June 30, compared to $5 million for the same period the previous year.

This was on sales of $71.1 million (excluding expenses) - down 32 per cent on Q2 2000.

Daily page views during the quarter grew 26 per cent to an average of 38.4 million.

CNET CEO Shelby Bonnie said Q2 results were in line with expectations despite "a deep and prolonged slowdown in the economy, especially in the technology sector."

He said the company could not predict when things would start to look up. ®

Related Link

CNET statement

Related Stories

Lucent to cut another 15,000 to 20,000 jobs
Tech salaries tumble 6%

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
Microsoft EU warns: If you have ties to the US, Feds can get your data
European corps can't afford to get complacent while American Big Biz battles Uncle Sam
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
prev story

Whitepapers

Cloud and hybrid-cloud data protection for VMware
Learn how quick and easy it is to configure backups and perform restores for VMware environments.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.