Chinadotcom Corp. Announces Staff Cuts, Subsidiary Name Change
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Hong Kong -- Chinadotcom corp. has announced that it will reduce staff levels by around 15 percent by the end of the second quarter of this year from 2,400 to around 2,000.
The company has been engaging in a series of cost cutting measures including staff reduction and intended sale of non-core assets in order to help stem losses such as last year's $128 million in write offs.
Chinadotcom corporation used funds from the company's IPO and second offering, to acquire a wide range of Internet related businesses throughout the Asia region.
"Although these are difficult decisions to make, we believe we are taking the steps necessary to align expenses with revenues during this challenging market environment," Daniel Widdicombe, Chinadotcom's chief financial officer said in a statement.
In a release, Web Connection cited the belief that Web Connection does not accurately reflect the company's full capabilities as reason for the change.