Yahoo To Cut 1,000 Jobs
January 31, 2008 at 6:39 AM (PT)
YAHOO said TUESDAY that it would cut 1,000 jobs from its 14,300-member work force by mid-FEBRUARY in an effort to cut costs and focus on its most important businesses. How this affects the music division is not yet clear. The company disclosed the cuts during a discussion of its fourth-quarter earnings and a forecast of continued tough times ahead.
YAHOO executives also said that the company planned to invest heavily in some areas, and that laid-off employees would be allowed to apply for jobs in those areas. The net effect on head count at the company was not clear.
YAHOO said its fourth-quarter net income fell to $206 million, a 23% decline from $269 million in the same quarter a year ago, as the company continued to struggle to compete with GOOGLE and others.
"While we will continue to face headwinds this year, we believe that the moves we are making will help us exit 2008 stronger and more competitive and return to higher levels of operating-cash-flow growth in 2009," CEO JERRY YANG said in a statement.