Posted: Dec 11, 2012 6:04 AM by Associated Press
NEW YORK (AP) - Health website operator WebMD says it will cut about 14 percent of its workforce as part of a push to reduce costs.
The New York company says the cuts amount to about 250 positions, and it expects to reduce annual operating expenses by about $45 million. Most of the job cuts will take place by the end of the year.
WebMD Health Corp. will record a pre-tax restructuring charge of between $6 million and $8 million in the fourth quarter, mainly for severance pay and other costs related to "streamlining" its operations.
The company provides health and benefits information to consumers, employers, doctors and health plans. It has been under pressure this year as drug companies cut back on advertising and competition from social networking sites and ad networks increased.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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