joined an ever-growing list of dot-coms today, cutting roughly 150 employees, or 50% of its workforce, in an effort to streamline operations and achieve profitability.
The job cuts are across all locations, including Santa Monica, Calif., the company's headquarters, and Bellevue, Wash.
"We have dramatically cut our burn rate, restructured our internal organization and created a more focused marketing effort," the company, which provides Internet mailing and shipping services, said in a press release. "This is, in short, a new start for a company with a strong market opportunity, significant resources and a growing customer base."
In November, after rival
( ESTM) announced plans to phase out its Internet postage line,
Stamps.com maintained that its business was "a viable emerging opportunity" and that the company remained in "a strong position" to grow and achieve profitability.
Shares of Stamps.com rose 3 cents, or 0.9%, to $3.34 in recent