Loudcloud to Lay Off 19% of Staff

Loudcloud Inc., an Internet-consulting company that went public seven weeks ago, said it will fire 122 employees, or 19% of its work force, to conserve cash.

The reduction is meant to help Loudcloud “reach cash flow break-even with its existing cash and available financial resources,” the company said.

Loudcloud said it’s cutting costs in other areas. Loudcloud, founded by Web pioneer Marc Andreessen, raised $150 million in an initial stock sale on March 8. The company provides Internet services for technology companies by building and managing software, databases and other equipment.

Loudcloud shares rose 53 cents to close at $6.43 on Nasdaq.