Online financial media firm MarketWatch.com Inc. yesterday announced that it was cutting jobs to achieve profitability this year.
The San Francisco-based company will immediately lay off 15 percent of its staff — about 40 workers — simultaneously trimming marketing, travel, entertainment and contract costs. Such moves are expected to save more than $9 million, bar a restructuring charge for the current quarter.
“With the slowdown in advertising revenue and the uncertain economic outlook for the rest of the year, we believe it is prudent to implement these additional cost-reduction measures,” Larry Kramer, chairman/CEO of MarketWatch.com, said in a statement.
The company claims to be the leading financial news and information service on the Internet, operating cbs.marketwatch.com, bigcharts.com and ftmarketwatch.com. It also produces financial reports on the CBS channel and has a radio network.