24/7 Media Plummets 35.4% on Loss, Layoffs

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24/7 Media

(TFSM)

was down 35.4% in preopen

Island

trading after it posted a wider-than-expected loss and said it would cut 200 jobs by year's end.

The online ad company also predicted slower revenue growth in the fourth quarter. 24/7 said its third-quarter loss was 59 cents per share, missing the Street's 47-cent estimate and worse than the year-ago 35-cent loss.