Tech & Biz

Yahoo to cut 10% of its workforce

by Amitjha | October 21, 2008 at 09:43 pm

132 views | 12 Recommendations | 4 comments

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

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anamika.mis15

flagged this story as Good Stuff

at 02:02 on October 22nd, 2008

Amitjha, I like this story. It's good stuff.

Amitjha

at 02:54 on October 22nd, 2008

Thanks for GS flag,

The world is heading towads complete holiday mood, permanent holiday.

Sanjay Jha

flagged this story as Good Stuff

at 02:55 on October 22nd, 2008

Amitjha, I like this story. It's good stuff but news for the employees.

Amitjha

at 03:02 on October 22nd, 2008

Thanks for GF flag,

well any report on the part of these biggies sends signal to the the whole market and clue to rethink the strategy.Employee might get axed if not from top yhen bottom, that is for sure.