Lycos Europe cuts staff by a quarter

NEWS ISP Lycos has said it is cutting 25 per cent of its workforce, a total of 300 jobs in a restructure designed to improve the company's chances of profitability. Lycos Europe said it was trying to reduce its losses to a quarter of its current rate by summer next year. The company also said it hoped to reduce its dependence on revenues from banner advertising and develop its ebusiness unit. Lycos Europe Chief Executive Christoph Mohn told Reuters that if the restructure proved successful, he would be able to give a revised forecast of when the company would break even just before the end of the month.