Stock Watch: Job Cuts Send Quepasa Lower

Quepasa.com (Nasdaq: PASA) fell 7/16 to 3 5/16 Tuesday after announcing a cost-reduction plan that includes laying off about one-third of the company’s workers.

The Phoenix, Arizona-based Quepasa, which operates an online community for U.S. Hispanics, said the move will “further enhance the company’s competitive position.” The layoffs will result in a “non-material restructuring charge” to second-quarter earnings, the company said.

“After spending a significant amount of effort and capital to build a strong market presence, we are now focusing on enhancing our competitive position through more efficient asset utilization,” said Chairman and Chief Executive Officer Gary L. Trujillo. “Over the balance of the year we will continue to evaluate staffing levels as we explore further opportunities.”

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