Leading international online research specialist Jupiter Media Metrix has embarked on a cost-slashing slimdown and will dispense with around 18% of its stateside staff “over the coming weeks”, according to an email sent yesterday to employees.
The company has instigated a May 1 conference call to all staff in which it will explain its actions and “discuss our plans for the future”, although the phrasing of the email implies that many will be clearing their desks before then.
The move follows a Q1 loss of $10.8 million – almost six and a half time that of Q1 last year when the group posted a pro forma loss of $1.7m. Paradoxically, the widened loss accompanies a surge in revenues of 8% to $27.4m.
Jupiter’s stock closed yesterday at $2, down from the 52-week high of $37.12.
News source: Advertising Age - Daily Deadline