Yahoo slates staff lay-offs, ‘before the holidays’
p2pnet news view | Advertising:- “Yahoo Q3 profit falls 64%; will cut 10% of staff” said a segment in a recent p2pnet October 23 news roundup.
Quoting the Atlanta Business Chronicle, it went on »»»
Yahoo Inc. said Tuesday it will cut at least 10 percent of its work force and reported a 64 percent drop in third quarter net income to $54 million, or 4 cents a share, compared to $151 million, or 11 cents a share in the same period last year. Sunnyvale, Calif.-based Yahoo reported $1.78 billion in revenue, slightly up from the year-ago quarter’s $1.76 billion.
So when will the unfortunate 10% get the goonah?
“We want to do it before the holidays,” Yahoo CEO Jerry Yang told BoomTown, which has him continuing »»»
“We want to do it before the holidays, which is why we wanted to let people know that it would affect 10 percent [of Yahoo's work force].
But we also want to make sure that we are cutting to be more effective and not cutting for cutting’s sake.
We have been growing costs for the last few years while we were investing in new products and platforms, and we have also made a lot of acquisitions and additions. There have been redundancies and geo-consolidation that we had not addressed that we are doing now. I know that sounds generic, but doing this is really important.
I look at these cuts as both a short-term and long-term effort. In the short term, we have consolidation and organizational corrections to make. In the long term, we will look at our whole portfolio and are now asking ourselves in each case if we need to be in this business.
We’re asking ourselves — should we sell it or should we shut it down? That is the kind of comprehensive look we are doing across the company.
What does the future hold?
Yahoo is all about advertising and, “Of course, I can’t imagine advertisers are going to say we’re going to juice up spending soon, and so we’re assuming a lengthy period of weakness,” Yang says inBoomTown.
BoomTown – The Econalypse’s Impact and More, October 23, 2008
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