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Yahoo! Hits the Wall; 1000 Jobs To Go!

Search giant plans to cut 7% of its workforce
By Search News Desk
Article Rating:
January 31, 2008 04:00 PM EST
Reads:
 15,255
Weaker-than-expected ad spending in the financial, travel and retail areas led to a 23% decline in fourth-quarter net income for Yahoo! to $205.7 million, or 15 cents a share, from $268.7 million, or 19 cents, a year earlier, the company said yesterday. It announced its first layoffs since 2001: 7% of its workforce will need to go!

By restructuring in this way, the company hopes - according to chairman Jerry Wang - to return to growth in 2009. Yang said in a conference call.

"This is a pivotal time for Yahoo's business and we have a unique window of opportunity right now to make the necessary, game-changing investments," Wang said in a statement.

The cutting of 1,000 of its 14,300 employees would start in February, Yahoo! said.

Published January 31, 2008 – Reads 15,255
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Most Recent Comments
Chris Williams 01/31/08 01:04:44 PM EST

Your AJax world ad that pops up every time I changes pages is completely irritating. The tickery use to change the cursor when closing the window to get me to select the ad and go to different web site is dispicable. I will stay away from this web site.
Search News Desk 01/30/08 01:39:21 PM EST

Yahoo! announced its first layoffs since 2001 yesterday. Cuts will begin next month.