Yahoo slashes 10% of workforce
October 31st, 2008 by Tantanh
Yahoo slashes 10% of workforce
The beleaguered Internet company says it will layoff more than 1,500
employees in the fourth quarter; sales and profits for third quarter
match forecasts.
NEW YORK — Yahoo announced Tuesday that it plans to
cut at least 10% of its workforce, or more than 1,500 employees, in
the fourth quarter in an effort reduce costs.
The struggling Internet company also announced sales for the third
quarter that were roughly in line with Wall Street’s forecasts and
earnings that matched expectations.
Yahoo had 15,200 employees at the end of the third quarter. The
much-anticipated round of layoffs comes on the heels of another 1,000
job cuts in late January.
"We have been disciplined about balancing investments with cost
management all year, and have now set in motion initiatives to reduce
costs and enhance productivity," said Yahoo co-founder and CEO Jerry
Yang in a written statement.
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