Yahoo To Cut Hundreds Of Jobs
Yahoo Inc., which has been suffering slow revenue growth, will be laying off hundreds of workers in reports now being released across the net.
The company currently employs about 14,000 employees and it has yet to be determined exactly how many people will be losing their jobs. A final decision may be announced January 29th according to the Associated Press, when Yahoo execs are scheduled to review fourth-quarter results.
This could mark the most extensive layoff round by the company since 2001, when it, like many others was attempting to recover from the dot-com crash.
Apparently first inclinations of this consolidation were reported by Silicon Alley Insider, indicating that 1,500 to 2,500 jobs may be lost, but reports from yesterday do not assume the numbers will be quite so high.
Yahoo stocks have dipped by almost 50% since the end of 2005. Shares finished last week at $20.78. CEO and co-founder Jerry Yang is still confident that he will be able to make Yahoo the online community’s “most popular starting point” once again. However, the company’s stock price has declined by 25% since Yang has been CEO, while Google has climbed over 15%.
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