Petteri Pyyny
25 Sep 2001 14:20
Both, American media giant AOL TimeWarner and UK-based EMI, announced today that they're expecting worse-than-expected results for their current financial years. EMI estimates that its profits will slump 20 percent, blaming the tough world economic. Company also announced that it will lay off 100 workers.
AOL TimeWarner will also miss its earlier revenue projections. Earlier company expected to see growth of 12-15% in revenues and is now expecting 5-7% growth. Company laid off significant amount of employees in January. AOL has also laid off part of Nullsoft's team, subsdiary of AOL that develops super-popular WinAMP.