CBS SportsLine.com will cut its staff by 15 percent to 20 percent and lowered expectations for coming quarters after first-quarter results met analysts' predictions. The Internet sports media company dismissed between 65 and 100 of its more than 450 staff members in an attempt to weather adverse market conditions. The cutbacks are expected to save SportsLine $8 million to $10 million annually.
The company reported net losses of $23.8 million, or 89 cents per share, compared with losses of $21.9 million, or 85 cents per share, in the same period last year. Quarterly revenue increased by 50 percent to $22.3 million, compared with pro forma revenue of $14.8 million in the first quarter of 2000. Ad sales, which accounted for more than 80 percent of the company's revenues, rose 65 percent over year-ago results of $11 million. The company cut revenue expectations for the remainder of 2001 by $10 million.