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News Desk Yahoo! Hits the Wall; 1000 Jobs To Go!
Search giant plans to cut 7% of its workforce
By: Search News Desk
Jan. 31, 2008 04:00 PM
By restructuring in this way, the company hopes - according to chairman Jerry Wang - to return to growth in 2009. Yang said in a conference call. "This is a pivotal time for Yahoo's business and we have a unique window of opportunity right now to make the necessary, game-changing investments," Wang said in a statement. The cutting of 1,000 of its 14,300 employees would start in February, Yahoo! said.
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Weaker-than-expected ad spending in the financial, travel and retail areas led to a 23% decline in fourth-quarter net income for Yahoo! to $205.7 million, or 15 cents a share, from $268.7 million, or 19 cents, a year earlier, the company said yesterday. It announced its first layoffs since 2001: 7% of its workforce will need to go! 
