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AOL said to plan job cuts
Report: Online service trying to save $100M as it braces for 2003 ad slump.
December 6, 2002: 7:05 AM EST

NEW YORK (CNN/Money) - The America Online unit of AOL Time Warner is planning to cut hundreds of jobs at its Northern Virginia headquarters in an effort to save $100 million in operating expenses, according to a published report Friday.

AOL's Vice Chairman Joseph Ripp has told managers that no department of the world's largest Internet service provider will be immune from potential cuts as the unit tries to rein in expenses amid a projected plunge of 50 percent in advertising revenue next year, according to the Washington Post.

Decisions on where the cuts will be made will happen in the next few months and may also include jobs in New York, California and Ohio, the paper reported.

America Online's Chairman and CEO Jonathan Miller told analysts this week that 2003 will be a transition year for the unit with double-digit revenue growth returning in 2004.

Shares of AOL Time Warner (AOL: Research, Estimates), the parent company of CNN/Money, gained 16 cents Thursday to close at $14.  Top of page




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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.