Chinadotcom cuts jobs, sells assets

Asian Web site operator Chinadotcom said Tuesday it is engaging in a series of cost-cutting measures such as layoffs and the sale of non-core assets, in response to uncertain market conditions. The company said it expects to end the second quarter of 2001 with less than 2,000 employees, compared with 2,417 at the end of December 2000. Since the beginning of 2001, Chinadotcom has scaled back or closed non-core operations in the United States and throughout Asia, including Hong Kong, China and Japan, the company said. In addition, individual operations in China, Taiwan, Hong Kong, Korea and the United States are being consolidated into fewer office locations. Chinadotcom, which builds e-business solutions, distributes content through its portals and sells services through online marketing, said it expects to record certain one-time expenses related to these cost-reduction initiatives.