Netcentives to Lay Off 120 Employees

Share this content:
Loyalty and direct marketing services provider Netcentives Inc. will slash 120 of its 500 jobs as part of a $40 million cost-cutting effort for 2001, the company said yesterday.


In addition to layoffs, the San Francisco company's cutbacks include a reduction in contract labor, travel and capital expenditures.


Netcentives expects 2001 revenue to fall between $65 million and $70 million, which would be 55 percent more than last year but still below original expectations.


The year-end loss per share is now expected to be between 90 cents and 95 cents. Analysts predicted a loss of $1.63 per share.


The company also said Eric Larsen will replace West Shell III as CEO. Shell will remain as chairman. Larsen was named president in December.


"The Netcentives leadership team is being very aggressive in aligning our expense structure with growth expectations. Our cost-cutting initiatives are imperative in today's market environment," Larsen said.


Loading links....
close

Next Article in Digital Marketing

Sign up to our newsletters

Company of the Week

We recently were named B2B Magazine's Direct Marketing Agency of the Year, and with good reason: We make real, measureable, positive change happen for our clients. A full-service agency founded in 1974, Bader Rutter expertly helps you get the right message to the right audience at the right time through the right channels. As we engage our clients' audiences along their journey, direct marketing (email, direct mail, phone, SMS) and behavioral marketing (SEM, retargeting, contextual) channels deliver information relevant to the needs of each stage. We are experts at implementing and leveraging marketing technologies such as CRM and marketing automation in order to synchronize sales and marketing communications. Our team of architects and activators plan, execute, measure and adjust in real time to ensure the strategy is working as needed and change things if it's not.

Find out more here »

DMN's Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here