But the social network’s advertising revenue grew 18.4% during the quarter.
Yankee Group, one of the nation’s leader e-business consulting firm, lays off 41 workers in all departments, citing slower than expected growth.
The Boston-based Yankee Group, an industry consultant covering e-business, wireless and the Internet, yesterday laid off 41 employees in what a company spokeswoman described as an across the board workforce reduction. "The company wasn’t growing as fast" as had been projected, said Yankee spokeswoman Kim Vranas, confirming that the layoffs were a cost-saving move. A source close to the Yankee Group claims the firm has decided to cease operations of its online retail strategies practice; however, Yankee’s Vranas denied this, saying the practice is continuing to operate. She adds that the layoffs reach across all of Yankee’s planning services and departments, including research analysts.