Yahoo To Cut Thousands of Jobs
Two days ago we reported here at PoliGazette that Internet giant Yahoo was expected to cut thousands of jobs after a bad third quarter.
The company itself announced on Tuesday that it would cut its workforce by at least 10% . The numbers were indeed disappointing for Yahoo, especially considering the fact that Google, Yahoo’s main rival, had a fantastic third quarter.
Net income fell to $54.3 million, or 4 cents a share, in the third quarter. In the same period last year net income was $151.3 million, or 11 cents a share.
Since Yahoo has 14,000 employees, a 10% cut means that at least 1,400 workers will have to find another job; it’s one of the biggest lay-offs in recent years for Internet companies.
“The steps we are taking this quarter should deliver both near-term benefits to operating cash flow, and substantially enhance the nimbleness and flexibility with which we compete over the long term,” Yahoo Chief Executive Jerry Yang said in a statement.
And so Google continues to dominate the markets, while its main competitors are left wondering what they do wrong.
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