LONDON (Brand Republic) - Online advertising network 24/7 Media is to cut 200 jobs from its US operation after reporting third-quarter net losses of $22.5m, compared with losses of $7.4m for the same period last year.
Revenues hit $48.1m, double that of last year. Wall Street had expected losses of $0.47 a share, compared with the actual losses of $0.59 a share.
The jobs cuts are part of a 鈥渟trategic operating plan鈥 to drive it to profitability. The 200 job cuts should result in an annual saving of $20m.
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