Online insurance provider InsWeb Corp. expects to cut staffing by 40 percent over the next two quarters as it discontinues certain operations and consolidates its main businesses. Revenues for the second quarter are expected to be about $5 million, with one-time charges during the quarter. The near-term effects of the restructuring are expected to push quarterly revenues for the balance of fiscal 2000 significantly lower than original projections. InsWeb expects to begin generating profits in 2003.
Was this article valuable?
Here are more articles you may enjoy.
Five Reasons Why the US Escaped a Hurricane Landfall So Far This Year 
FEMA Chief Resigns After Six Months, Criticism Over Floods 
AM Best Downgrades State Farm Mutual Auto 
NFIP Reauthorized With Passage of Funding Bill to End Government Shutdown From This Issue
