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Technology Stocks : Internap Network Services Corporation

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To: Carolyn who wrote (338)	5/11/2001 12:50:38 PM
From: Dave B	Read Replies (1) of 1011

InterNap cuts more jobs. (Brief Article) Puget Sound Business Journal, April 27, 2001 v21 i52 p26 Full Text Seattle-based InterNap Network Services Corp. will eliminate another 118 jobs as part of its recent cost-cutting moves. The Internet routing services provider said this week that it would follow up its 65-person layoff, which it made March 6, with further cuts. The provider of high-performance connectivity to high-volume Internet sites said it expects a loss of $39 million, or 26 cents a share, for the first quarter and a loss of $118 million, or 79 cents a share for the year. A consensus of analysts had projected a loss of 46 cents for the quarter, and $1.69 a share for the year, according to Zach's Investment Research. The company said revenues will be approximately $27 million for the first quarter and approximately $160 million for 2001. Many of the cuts announced Monday will come from InterNap's contracted work force. The company said about 80 regular employees will be affected. InterNap employs a total of 793, including contractors. COPYRIGHT 2001 American City Business Journals, Inc.

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