Today, Internet Service Provider, Earthlink announced a major restructuring, saying that the company would be cutting 900 jobs, severely altering their corporate fabric.
In a statement, CEO Rolla P. Huff said, “While we see this as an important first step in unlocking the underlying value that we believe is in our company, we are only eight weeks into the process of repositioning EarthLink for the future.”
A shakeup was certainly in order in light of the company’s poor financial performance over the past year. Second quarter performance was especially dismal with revenues dropping 6%. A major reason for the drop was a major decrease in consumer Internet access revenue, which fell 10.2 percent.
Mr. Huff’s restructuring statement has many analysts believing that he will take the company in a totally new direction. What direction that ends up being, only time will tell.
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