Job cuts at Internet-based firms over the last three months totaled 34,936, making them the three largest consecutive months on record, reports executive search firm Challenger, Gray & Christmas Inc.
One of the biggest spikes in dot.com job cuts came from online retailers. Job cuts in this category grew 57% from 1,829 in January to 2,874 in February, making it the top category for job cuts for the month. It was followed closely by firms that build and maintain the technological elements of the Internet, which announced 2,721.
“Probably the biggest threat to Internet firms right now is a dramatic decline in revenue from online advertising,” said agency CEO John A. Challenger, in a statement. “Many dot.coms, especially those that do not sell goods or services over the Internet, depend heavily on selling space for the banner ads.”
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