Yahoo to Cut 1,500 Jobs

Oct 21, 2008  •  Post A Comment

Embattled search giant Yahoo plans to slash about 10% of its work force, or 1,500 jobs, to reduce costs, the company said today.
The layoffs occur amidst the broader economic downturn as well as the specific slowdown that has plagued Yahoo for the past few years, while competitor Google has chipped away at its business.
Net income for Yahoo fell 64% to $54 million this quarter.
Published reports say Yahoo’s goal is to trim $400 million from its budget by year-end. The new round of job cuts comes on top of about 1,000 layoffs announced earlier this year.
“We have been disciplined about balancing investments with cost management all year, and have now set in motion initiatives to reduce costs and enhance productivity,” CEO Jerry Yang said in a statement.


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