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Yahoo to cut 1,000 jobs
Ben Furfie January 30, 1:16pm
Firm announces plans to cut positions after poor fourth quarter profit
Poor profits in the fourth quarter have led Yahoo to announce it will cut 1,000 jobs in February.
The firm said that it had seen a drop of 23 per cent in profits during its fourth quarter to $206 million; down from $269 million the same time last year. Operating income also tumbled, falling 38 per cent from $308 million in 2006, to $191 million during 2007.
Revenues, however, rose by eight per cent from $1.7 billion to $1.8 billion. The company referred to gains in advertising revenue, as well as Yahoo-owned and affiliated websites as key growth areas.
Speaking during a conference call on Tuesday, Yahoo's chief executive Jerry Wang (pictured, left) announced what he called a 'realignment' of 1,000 jobs. He added that while there will be some job losses, the company would try its best to move employees to vacant roles.
Source: Information Week
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