Yahoo to cut 10% of its workforce
The effect of latest financial crisis started showing its impact on balancesheet of IT companies and its resultant effect on their firing spree as cost cutting maesure.
Yahoo is to cut about 1,500 jobs - 10% of its global workforce - as it tries to restore the company's fortunes in the face of declining profits.
The US internet group made the announcement as it reported a 64% slump in third quarter profits.
Yahoo's net profit for the three months to 30 September totalled $54.3m (£32.5m), compared with $151.3m for the same period last year.
The firm turned down a takeover offer from Microsoft earlier this year.
With Yahoo's latest results worse than market expectations, its revenues rose just 1% from a year earlier to $1.79bn