Xceed Inc. (Nasdaq: XCED) fell 9/16 to 4 3/32 Monday after the company said it will sell all its non-Internet operations, cut jobs and take a charge to earnings for the restructuring. As a result, Xceed said, revenue for the quarter ended August 31st will be 10 to 15 percent below the third quarter’s $33.7 million.
Xceed, based in New York, said it plans to focus exclusively on Internet strategy, consulting and technology, and is looking for a buyer for its Performance Group unit. The company also said its Journeycorp division has been sold.
The company is cutting 75 full-time jobs, or about 12 percent of the workforce. Chief Executive Officer Howard Tullman said the company will benefit in the future because it will get less than 20 percent of its revenue from dot-com companies after re-focusing.
According to reports, many dot-com companies are cutting back on Internet consulting spending.