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Technology Stocks : InfoSpace (INSP): Where GNET went! -- Ignore unavailable to you. Want to Upgrade?

To: RockyBalboa who wrote (24183)	2/5/2001 6:59:35 PM
From: A.L. Reagan	Read Replies (3) \| Respond to of 28311

Does SI Bob still have a job?

To: RockyBalboa who wrote (24183)	2/5/2001 7:35:14 PM
From: KLP	Respond to of 28311

Posted by Reuters...19:09 (ET) this afternoon....UPDATE 1-Struggling InfoSpace trims 20 percent of jobs (Recasts, updates with details, background, previous dateline BELLEVUE, Wash.) SEATTLE, Feb 5 (Reuters) - InfoSpace Inc. (NASDAQ:INSP) said on Monday it will cut 250 jobs, or 20 percent of its work force, as the first step by the provider of content and services to Web sites and wireless services to avert losses amid the slowing U.S. economy. Bellevue, Wash.-based InfoSpace, which supplies things like Yellow and White Page listings, stock data and electronic commerce tools, said the cuts would help it focus its resources on its high-growth areas of wireless, fast Internet, and merchant services. "The refocus of the company has led us to de-emphasize those parts of our business that are low growth and nonscalable and align our resources and costs along the strong growth areas," Chief Operating Officer Ed Belsheim said. InfoSpace said that in the next three weeks it would detail measures it is taking to restore growth this year, and would also provide revised financial guidance for 2001 and new guidance for 2002. Last week, the company posted a higher-than-expected quarterly profit but forecast that it would lose money in every quarter this year as weak consumer businesses offset its high-growth areas. It said that for 2001 it would record a pro forma net loss of 14 cents per share, while revenues would be flat at about $215 million. The first-quarter loss would be about 5 cents a share on revenues of $45 million. InfoSpace shares, which have tumbled from a year high of $138-1/2 last March, fell nearly 12 percent on Monday to close at $4-1/4. To restart growth, the company has pledged to trim back or even jettison its consumer operations, many of which it acquired when it bought Seattle-based rival Go2Net last year. InfoSpace was also knocked by a management reshuffle last month that saw the departure of its recently appointed chief executive, a respected veteran of the cellular telephone industry who was expected to lead the charge into wireless.