AOL to chop quarter of workforce

Time Warner's AOL online division said that some 5,000 workers, or about a quarter of its staff, would no longer be on its payroll within six months as part of a restructuring that includes selling its European Internet access businesses. "Jon Miller (AOL's chief executive officer) told AOL's worldwide work force of 19,000 people that within six months, it was likely that around 5,000 employees would no longer be with the company," an AOL spokesman said.

AOL said it has a new strategy to boost online advertising sales by offering its e-mail and other Web services for free. The one-time king of the online world said it expects to book restructuring charges of up to $350 million by the end of 2007. It also plans to cut more than $1 billion in operating expenses in 2007.

(2006-08-04 09:26:13 SGT) [Biz] Permalink

Comments:

Post a Comment:

Comments are closed for this entry.

« Heatwave shuts down... | Main | SBS Transit and SMRT... »

Most popular blog postings on lowem.log :

1. Singapore SIBOR rate falls to 0.94% in Nov 2008, lowest since Jul 2004
2. Baltic Dry Index falls 93% as shipping rates plunge, signalling global economic collapse
3. Singapore SIBOR rate falls to 1.31%, lowest since Nov 2004
4. Singapore SIBOR interest rates fall to 1.5%, lowest since Dec 2004
5. Live spot gold price quotes chart on COMEX
6. 2010 Honda Civic Hybrid preliminary specifications released
7. Fuel prices seen stoking Malaysia inflation in 2008
8. How to insert currency exchange rates into Google Spreadsheets

Featured articles on lowem.log :

1. ABC Guide to Beating Inflation in Singapore and Elsewhere
2. Singapore inflation rate hits new 26-year high of 7.5% in Apr 2008
3. Baltic Dry Index falls 93% as shipping rates plunge, signalling global economic collapse
4. 67000 China factories closed in H1 2008 as global economic collapse takes hold
5. 2010 Honda Civic Hybrid preliminary specifications released
6. Peakoiler buys 2008 Honda Civic Hybrid FD3
7. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
8. Singapore SIBOR rate falls to 0.94% in Nov 2008, lowest since Jul 2004