Excite@Home Corp. laid off 380 employees, or about 13% of its work force, a spokeswoman said Monday.
The latest job cuts follow an 8% work force reduction in January, as Excite@Home (ATHM) grapples with a slowdown in the online advertising market. The company operates the Excite Web portal, which sells advertising, as well as the At Home high-speed Internet access service.
Monday’s layoffs come two weeks after the company said it was looking for ways to cut costs in order to preserve cash. The company is looking for ways to raise an additional $75 million to $80 million in cash by the end of the second quarter.
Also, last week Excite@Home named Patti Hart as its new chairman and chief executive, replacing George Bell, who resigned.
“This is in line with the April 17 announcement that we were looking at ways to do some cost-cutting to conserve some cash,” spokeswoman Alison Bowman said.
Most of the affected employees work in the company’s Redwood City, Calif., headquarters. Many of the job cuts were in Excite@Home’s media operations, Ms. Bowman said.
The affected employees were being notified Monday.
Copyright (c) 2001 Dow Jones & Company, Inc.
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