MarchFirst has filed for Chapter 11 bankruptcy protection. The ailing Internet consultancy has been in a slide, along with many other Web services firms. The companys assets are now listed at $789 million.
George Shaheen decided last week to call it quits as chief executive officer of Webvan, the prominent online grocery and home delivery service, according to reports. Shaheen joined the fledgling company 18 months ago after a 30-year stint at Andersen Consulting.
Nothing to Shout About
Yahoo! will cut its payroll by 12 percent, following an $11.5 million loss and a 22 percent revenue drop, to $180.2 million, in the first quarter — the first time the company has reported a year-over-year revenue decline. Yahoo! projected 2001 revenue of $700 million to $775 million, below its earlier estimates of $1.2 billion to $1.3 billion.
Bells 1, Locals 0
The Federal Communications Commission is set to sharply reduce the fees that competitive local exchange carriers receive for completing modem calls to Internet service providers. A new "reciprocal compensation" regulation, expected this week, would cut payments Bell companies make to CLECs by several billion over the next three years.
Juniper Networks— first-quarter revenue jumped 420 percent, to $332.1 million, and net income leaped 623 percent, to $58.6 million, compared with last year. The networking company said 2001 sales could double to almost $1.3 billion, but warned that next quarter, sales might slow. Analysts projected $1.59 billion in revenue for 2001.