EMusic.com Inc., a seller of online music whose shares have fallen 83% during the last year, said it cut about 40 employees, or 18% of its work force, in an effort to reduce costs. The jobs eliminated were in the Redwood City, Calif., headquarters and in Los Angeles and New York. The move will result in savings of about $15 million over the next 12 months, the company said. EMusic.com also said it expects to report a fiscal fourth-quarter loss narrower than 36 cents a share, the average estimate of three analysts polled by First Call/Thomson Financial. The company's fiscal year ends June 30. EMusic.com shares closed unchanged at $2.69 on Nasdaq, before the news was released.