RSS RSS Twitter Twitter
macnn

01/29/2008, 11:25pm, EST

Tuesday, January 29th

Yahoo lays off 1000, shifts business focus

Yahoo recently unveiled plans to remove 1000 of its 14,300 employees by mid-February to cut costs and to refine its focus on its major services. The New York Times reports that in light of its fourth quarter earnings, and a dismal forecast of future financials, layoffs will occur in unspecified areas of Yahoo's workforce. While the amount of employees laid off are many, the company said that it would be investing heavily in select areas of business, so individuals effected by the cutbacks are free to apply to the focus areas.

Claiming income a year ago of $269 million, this year's financial data showed a 23-percent decline in profit, resulting in net income of $206 million. This is due to increased competition from other online services, such as Google and Microsoft.

Sales grew 8-percent to $1.8 billion, with revenues of $1.4 billion. Analysts expected these numbers, while investors were disappointed with Yahoo's bleak predictions, causing shares to fall almost 10-percent.

"While we will continue to face headwinds this year," says Jerry Yang, CEO of Yahoo, "we believe that the moves we are making will help us exit 2008 stronger and more competitive and return to higher levels of operating-cash-flow growth in 2009."


Filed under: Investor, industry
Other story tags: Yahoo, financial, layoffs

, , 5comments, del.icio.us, slashdot, digg, buzz , Twitter



5 comments
Reader Reactions (Please use <i></i> for italic text)

subscribe to comments
for this article




Expand All   Global Settings
sad
0
01/30, 7:55am, EST
its really a sad new, they should find a different way and should not go Quark's way.

Sachin
Fresh-Faced Recruit
Joined Nov 2007
User is offline
good luck jerry
0
01/30, 9:21am, EST
poor Yahoo. Google is eating their lunch. I wish I had the balls to short Yahoo but that's so risky in high tech. Still, their future does indeed look bleak. Yahoo is yesterday's news.
Fresh-Faced Recruit
Joined Sep 2001
User is offline
climacs
0
01/30, 11:07am, EST
Hey climacs, yes shorting can be quite risky. Look into buying puts instead. The loss is quantified but the upside is the same.
Fresh-Faced Recruit
Joined Nov 2005
User is offline
wow
0
01/30, 1:49pm, EST
sales and revenues are up

profits down...

so time to screw the employees...

all this from a company that is only making $200 Mil in profits!!!!

how pathetic

...and some still wonder why the US market is so f'ed...
Fresh-Faced Recruit
Joined Jan 2007
User is offline
Your Comments

In order to post comments: If you are a registered member, please login with your MacNN Forums username and password otherwise please uncheck the checkbox below.


Registered Member?
macnn forums login:

macnn forums password:

Not a member of the MacNN forums? Register now for free.

RSS Feeds

Have the latest content delivered to your desktop via RSS. Use the links below to get access to a specific blog, news, or reviews feed.



  MacNN -all

  MacNN Reviews

  MacNN Podcasts

  iPodNN

  Electronista

  Left Lane News
Want To Sell Your Laptop? Any Condition - receive Top Cash. Get an instant quote. Free shipping www.CashForLaptops.com

Internet Marketing School - 100% Online: Master SEO, SEM, E Commerce, Media & More with a U of San Francisco Certificate.

Buy from The Apple Store, iTunes.com, Amazon.com, TechDepot, OfficeDepot, Computers4Sure, or donate.