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Technology Stocks : AltaVista Company (ALTA) -- Ignore unavailable to you. Want to Upgrade?

To: fut_trade who wrote (100)	1/18/2001 7:11:51 PM
From: Glenn Petersen	Read Replies (1) \| Respond to of 110

More cuts at ALTA: dailynews.yahoo.com Thursday January 18 6:35 PM ET AltaVista Announces More Layoffs PALO ALTO, Calif. (AP) - The troubled search engine AltaVista Co. (news - external web site) announced another round of layoffs Thursday to reduce its work force by 25 percent. The move brings the number of AltaVista employees down to 600 worldwide. The company is mostly owned by the Internet incubator CMGI Inc. of Andover, Mass. Peter Mills, a managing partner at CMGI ``At``Ventures, blamed a downturn in Internet advertising for the need to eliminate jobs at AltaVista. ``AltaVista has not been immune to the softness in advertising,'' Mills said. ``However, along with an unwavering commitment to our consumer site, we are continuing to build a valuable search software business to diversify our revenue mix.'' Separately, CMGI lowered revenue expectations Thursday, saying it is unlikely to meet its previous revenue target of $1.65 billion for the current fiscal year ending July 31. The company said it was reviewing its profitability targets and is no longer able to predict fourth quarter numbers or precisely when it will attain profitability. The Palo Alto-based AltaVista withdrew its application for an initial public offering of stock last week, nine months after the company postponed it because of poor market conditions. The company began as a search engine service in the mid-1990s and spent more than $100 million to build the site into a Web portal along the lines of Yahoo! Inc. AltaVista shelved those plans last year and has yet to turn a profit. Shares of CMGI were down 41 cents to close at $6.84 on the Nasdaq Stock Market.