Tech Industry lays off 13 (Nasdaq: SALN) cut 13 jobs as part of a cost-cutting plan.

On Wednesday, the online provider of news and commentary said it would slash its fiscal 2001 operating budget by 20 percent. That includes 13 layoffs, fewer freelance contributions, cutting marketing and other costs.

"This was a difficult and painful decision," said Michael O'Donnell, president and CEO. "But it was a necessary one for to achieve its goal of profitability. It will in no way affect the quality of's award-winning content or relationships with our customers."

The move comes two weeks after reported fourth quarter results below analyst estimates.

Several Web companies in recent months have been forced to cut jobs, including (Nasdaq: KOOP), (Nasdaq: BYND), (Nasdaq: NEOF). Media reports have suggested that many Internet content providers and retailers could face a cash crunch in coming months. has enough money to last into next year, O'Donnell said last week, during an interview with ZDII. has access to more funds if needed, O'Donnell said, although the company is reluctant to give up ownership stakes.

Shares of closed Wednesday's regular trading at 2 1/8, up 3/32 for the session.>