Yahoo profits declining - lays off 1000 employees

Posted on Wednesday, Jan 30 2008 @ 15:39 CET by Thomas De Maesschalck
Yahoo announced it will lay off 1,000 workers in an attempt to become more profitable:
The Sunnyvale-based company announced the upcoming 7 percent reduction in its 14,300-employee work force during a Tuesday conference call to review a 23 percent decline in its fourth-quarter profit.

Yahoo didn't specify which areas of its operations will be trimmed. It will be the company's biggest purge since Yahoo jettisoned 650 workers in the wake of the dot-com bust seven years ago. Management indicated further details will be released by mid-February.

"This is a necessary step in our transformation," Yahoo Chief Executive Jerry Yang said during the conference call.

About the Author

Thomas De Maesschalck

Thomas has been messing with computer since early childhood and firmly believes the Internet is the best thing since sliced bread. Enjoys playing with new tech, is fascinated by science, and passionate about financial markets. When not behind a computer, he can be found with running shoes on or lifting heavy weights in the weight room.

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