Internap To Trim 45 Employees, 10 Percent Of Total
ATLANTA (AP) ¿ Internap Network Services Corp. said late Tuesday that it will cut 45 jobs, or 10 percent of its work force, to bring down its operating costs.
The company, which manages data centers and routes Internet traffic, said the cuts will come in its back-office operations and include some senior management positions.
Internap expects the move to save $5 million annually. It will take a charge of $1.2 million in restructuring costs, most of it in the first quarter of 2009, the company said.
"By acting decisively, we better prepare the company to manage through a tough economy, improve results and increase value for customers and shareholders," Chief Executive Eric Cooney said in a statement.The company also gave its sales outlook for the first quarter, projecting revenue of $62 million to $65 million. Analysts polled by Thomson Reuters are expecting $63.8 million, on average.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV