Yahoo to Cut 1,430 Jobs (Full Company Report Inside)
Yahoo has just announced it’ll cut at least 10 percent of its staff between now and the end of the year, meaning a minimum of 1,430 people can expect to be out of jobs by the holidays. (Yahoo employs about 14,300 full-time workers.) Yahoo, you may remember, laid off about 1,100 other employees earlier this year. The company also now plans to “implement additional cost-cutting measures,” with the goal of saving $400 million in current spending costs.
Yahoo reports its net income for the third quarter of 2008 dropping 64 percent — nearly $100 million — from this time last year. The 2008 Q3 net income was $54 million, compared to $151 million in Q3 of 2007. That amounts to $0.04 a share now, down from $0.11 a share then. Yahoo hit its lowest stock level in more than five years earlier this month.
There are dozens more details, should you be interested. You can view the full report for yourself below.