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A dotcom drop-off?

A recent study commissioned by Cisco Systems, a maker of Internet-networking equipment, found that nearly 2.5 million US workers earned a living directly from the Internet last year, up from 1.8 million in 1998. The Internet generated almost $524 billion in revenue in 1999, a jump from $322 billion the previous year. The fastest-growing facet of the Internet: e-commerce, whose revenue shot up 72 percent to $171.4 billion.

Researchers predict the Internet economy could top $1 trillion by early next year. But trouble may loom. "Many dotcom companies are being faced with a cash-flow crisis," says John Challenger, of Challenger, Gray, & Christmas, adding that companies that provide funding to dotcoms are demanding "profit models." The international outplacement firm reports that dotcom companies announced 654 jobs cuts in May.

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(c) Copyright 2000. The Christian Science Publishing Society


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