AOL Time Warner, the planet’s largest media conglomerate, yesterday announced it is to axe some 1,700 jobs in its online division – a figure far higher than other it aired by the group in recent weeks and seemingly the only area in which it is exceeding its own forecasts.
News of the draconian cuts comes one month after AOL TW reported a Q2 loss of $7.4 million and revenues $0.54bn below forecast [WAMN: 19-Jul-01].
Around 1,200 jobs will go at the America Online division, with another 500 slated for death row at its enterprise software division run in concert with Sun Microsystems.
The latest round of layoffs lifts the total to about 3,900 since AOL merged with Time Warner in January.
News source: Financial Times