Audiohighway.com Lays Off Two-Thirds of Workers

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Online media company audiohighway.com yesterday confirmed that 21 of its 30 employees have been laid off.


The layoffs follow a trend of dot-com deaths and downsizing influenced by ill-received earnings reports and declining venture capital funding.


Audiohighway's layoffs followed an earnings report released Tuesday showing a nine-month loss of $12 million against $1.98 million in revenue.


The company blamed the layoffs on a funding commitment that fell through.


"Management and the board of directors wanted to have enough money to secure either a new strategic partner or new funding," chief executive Nathan Schulhof said.


Schulhof said layoffs would not stop the company from functioning as normal, fulfilling advertising commitments and delivering products.
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