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.


close

Next Article in Digital Marketing

Sign up to our newsletters

Company of the Week

Brightcove is the world's leading video platform. The most innovative and respected brands confidently rely on Brightcove to solve their most demanding communication challenges because of the unmatched performance and flexibility of our platform, our global scale and reliability, and our award-winning service. With thousands of customers and an industry-leading suite of cloud video products, Brightcove enables customers to drive compelling business results.

Find out more here »

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

Relive the 2017 Marketing Hall of Femme

Click the image above