New Wave Of Cuts At Yahoo!
April 22, 2009 at 4:32 AM (PT)
YAHOO! is shedding another 5% of its workforce, or as many as 700 jobs, as the company copes with an online ad slump and an increasingly competitive market, reports TODAY's NEW YORK POST, which writes "along with pink slips, the Web giant also posted a 78% plunge in profit and 13% drop in revenue under the leadership of new CEO CAROL BARTZ."
"The results underscore the challenges facing BARTZ," continues THE POST, "who took over in JANUARY. She is charged with overhauling the Internet pioneer and re-igniting growth amid a widespread ad downturn and intense competition from GOOGLE. In her first few months on the job, BARTZ has been busy cutting costs and closing or selling businesses that she believes fall outside YAHOO!'s strengths. Critics inside and outside the company have said YAHOO! lacks focus and is spread too thin in its efforts to compete in all areas of the Web.
"During a conference call with analysts, BARTZ lived up to her reputation as a plainspoken executive when she said there were too many people in some product areas. 'We had a lot of people running around and telling people what to do, but nobody was f- - -ing doing anything,' she said, then apologized for using an expletive."
YAHOO! earned $118 million, or 8 cents a share, in the first quarter, compared with $537 million, or 37 cents, in the same quarter a year ago.