AltaVista to Cut 25% of Staff

Internet

Chris Frankie

01/18/01 - 04:15 PM EST

CMGI(CMGI Quote), which owns a majority stake in AltaVista, said it cut the search engine's work force by 25%, eliminating 200 jobs.

The company attributed the cuts to the downturn in online advertising. The news follows last week's announcement that the company withdrew its registration statement for an initial public offering of AltaVista stock, citing unfavorable conditions in the financial markets.

Shares of CMGI fell 38 cents to close at $6.84 in regular session Nasdaq trading, but were recently quoted at $7.10 in after-hours Island activity.

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