Webvan (WBVN) was down 26.1% in early trading after the troubled Internet grocer posted a first-quarter loss of 18 cents a share, beating lowered estimates by 1 cent but wider than the year-ago loss of 17 cents. Webvan also announced cost-cutting measures, including shutting its Atlanta operations and eliminating 885 jobs, and set a 25-for-1 reverse stock split in an attempt to avoid being delisted on the Nasdaq.

Webvan said it was pursuing possible debt or equity financing of about $25 million, but added that with cost cuts, it had enough cash to last through 2001. The company named former COO Robert Swan to the chief executive post, replacing George Shaheen who resigned April 13.

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