The World: San Francisco - AdBrite unveils 40 per cent cut in workforce

AdBrite is to lay off 40 per cent of its workforce, including several top executives, amid fears that the online ad network is due to face tough times.

Forty staff, including the marketing vice-president, Paul Levine, and the finance vice-president, Bob Fellar, will be laid off, just days after one of AdBrite's venture backers, Sequoia Capital, warned its companies to take steps to produce a positive cashflow as soon as possible.

Despite the cuts, AdBrite reaffirmed its belief that performance-based online advertising is in a far better position than most, with October set to be a record month for the company.