CNET, internet.com Trims Projections
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CNET Networks Thursday announced its first-quarter revenue will be between $75 million and $80 million, rather than previously issued revenue guidance of $86 million to $92 million. The company expects negative cash flow of between $5 million and $12 million.
"As we have seen over the past few weeks, several major technology companies have announced slower than expected sales this quarter and, as a result, many have deferred their marketing and advertising spending," Shelby Bonnie, chairman and CEO, said. "We've taken steps to reduce costs to best position ourselves to ride out this slowdown."
Last month, CNET parred down its workforce by 10 percent as a means of eliminating duplication and unprofitable businesses.
"We believe that Internet.com is prepared to handle this slowdown better than almost any other trade publisher because of the diversity of our other business lines, including our seminar operations," Chairman and Chief Executive Alan Meckler said in a statement.
internet.com also announced the acquisition of Intermedia Group, Inc., an integrated conference, consulting and management firm, for an undisclosed sum.
Shares of both companies CNET is a direct competitor of internet.com.
traded lower on Thursday.
CNET is a direct competitor of internet.com.