Yahoo to Cut 1,500 Jobs
Posted on October 23, 2008
Yahoo, Inc. is one of the companies people think of when they think about the beginning of the Internet as a medium. Yahoo has transformed from a web search company to more of an entertainment-media-search hybrid over the past few years. Revenues were up again in the third-quarter but only by 1%. The company has also lowered revenue estimates for the remainder of the year. They will also be cutting 1,500 jobs according to USA Today.
The Silicon Valley company announced the latest round of cuts against a backdrop of poor third-quarter results and a grim economic forecast. The company's profit tumbled 64%, to $54 million, or 4 cents per share, from $151 million, or 11 cents per share, in the same quarter a year ago.The Inquirer notes that Yahoo also cut 1,000 positions in February. Layoffs at many media companies are expected because of concerns about a deep recession. More discussion of Yahoo's cuts can be found at Tom's Guide, NewsFactor, The Week, Financial Times> and InternetNews.com.Revenue inched up 1%, to $1.8 billion, from a year ago.
The profit fell short of the 9 cents per share forecast by analysts polled by Thomson Reuters.
Reflecting the downturn, Yahoo lowered its revenue estimates for the remainder of the year. It now expects 2008 revenue of $7.2 billion to $7.4 billion - down from a previous estimated range of $7.4 billion to $7.9 billion.
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