US internet advertising and marketing consultancy company MarchFirst is cutting further staff in a bid to save $100m this year.
The news comes less than two months after MarchFirst announced it was axing a tenth of its workforce in November. The company said it was hoped the savings would be achieved by the initial cuts, but has now decided more staff must go if the target is to be reached.
MarchFirst, created by Chicago-based Wittman-Hart and San Francisco company US Web/CKS in late 1999, has been hard hit by the slowdown in the internet consulting market.
Despite this, it has been growing its advertising presence by setting up an in-house above-the-line ad division in the UK in September, and buying agencies in the US and Germany.
An additional $150m of funding from private equity firm Francisco Partners gained recently has failed to fill the financial hole.
MarchFirst expects fourth quarter revenues of up to $250m when it reports later in January.