LookSmart to lay off half of staff
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Web search company LookSmart plans to lay off half of its employees following the loss of its biggest client, Microsoft, according to a regulatory filing. The cuts will occur by the end of the company's fourth quarter, in December. Both U.S. and international employees will be affected. Other cost cutting will occur in LookSmart's sales, marketing and product development arms.
In October, Microsoft's MSN division decided not to renew a contract to license and host LookSmart's search results. The Web search company's financial outlook plummeted as a result. MSN accounted for 65 percent of LookSmart's "listings" revenue and all of its licensing business.
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