Friday, February 1st, 2008

Yahoo Cuts 1000 Jobs


According to the New York Times, in an effort to invest in its future, Yahoo will cut 1000 jobs, making it the largest internet layoff since the big dot-com bust. They did not specify which departments will be cut back.

Yahoo’s fourth quarter (2007) net income fell to $206 million, down from $269 million for the same period in 2006. After the announcement Tuesday, Yahoos stock fell by nearly 10 percent in after-hours trading.

Yahoo currently has approximately 14,300 employees. The job cuts are expected to take place by mid February of this year.

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