Overture lays off people, sticks by lowered earnings guidance
While Google continues to grow, Overture is facing some growing pains as it assimilates its acquisition of Alta Vista and faces the increased competition according to this Wall Street Journal story (subscription required):
The Pasadena, Calif., Internet search-technology company said late Thursday it expects to earn between 35 cents and 42 cents a share in 2003, as announced last month, when it severely cut its guidance from a previously anticipated 60 cents to 70 cents a share. Overture also said it still anticipates earnings to double from 2003 to 2004.
....Overture also said Thursday it expects continued growth in the average price advertisers pay the company for each customer introduction. Average price per paid introduction reached 40 cents in April. The company reaffirmed its goal for that figure to reach the range of 40 cents to 42 cents at the end of 2003.