NEW YORK (Reuters) - The New York Times Co’s About.com online encyclopedia laid off 19 people, or about 9.5 percent of its staff, on Thursday because of cost cuts in response to a prolonged economic crisis.
The job cuts came after About.com suspended pay raises, limited travel budgets and cut discretionary spending to compensate for lower revenue projections, a spokeswoman said.
The cuts came in About’s sales, client services, marketing and editorial units, she said.
New York Times shares rose 10 cents, or 2.09 percent, to $4.89 on the New York Stock Exchange.
Reporting by Robert MacMillan, editing by Leslie Gevirtz