Yahoo! waves goodbye to 1,500 workers
'Layoffs unfortunately unavoidable', says Yang
Yahoo! began laying off more than 1,500 employees yesterday as part of the struggling company’s latest painful round of job cuts.
The internet giant has swung the job axe across all departments at Yahoo!, with human resources and finance workers reportedly expected to take the biggest hit.
Lame duck CEO Jerry Yang told Yahoo! workers that the firm “must take actions to better perform in today's turbulent global economy. While we've found efficiencies in many parts of our business, laying off employees is unfortunately unavoidable.”
He added that the decision to axe jobs had been a “difficult” one, but said it meant Yahoo! could “better align costs with revenues”.
Yang, who resigned from the CEO post last month, said during the company's Q3 earnings call in October that Yahoo! would jettison at least ten per cent of its workforce by the end of the year, affecting about 1,500 positions.
In related news, hedge fund Ivory Investment Management (IIM) has urged the Yahoo! board to salvage a search business deal with Microsoft, reports the Wall Street Journal.
IIM owns a 1.5 per cent stake in the internet firm. The shareholder said in a letter to Yahoo! management that selling the company’s search biz to MS could lead to a deal worth twice as much as Yahoo!’s current stock price.
Yahoo! shares closed at $13.4 on Nasdaq yesterday. ®
I don't think I said that right. Im so sick and tired of these yahoo commercials on the radio. I haven't seriously used yahoo since I was in highschool in 98 and I haven't missed anything.
I can honestly say personally when I seen that spoiled rotten daughter of the yahoo ceo at the time whatever his name was on that filthy rich cattle drive show that did it for me. You get to see how out of touch these people really are with reality and it's about time they get smacked down.
These rich boys didn't found these companies, they came in and rode on the coat-tails of those that made these companies great and now they are driving the companies right into the toliet.
Sure the economy is bad right now, but really what business does a search engine have advertising on the radio. If radio advertising worked for search engines google would surely be doing it.
I bet people at Yahoo! thought that accepting MS's offer would result in layoffs at Yahoo!.
So what, so far that's two layoffs this year without getting the benefit of taking Bill Gates' billions? Good work, Jerry!!
I've read the email Yang sent to his employees and I must say, any employer who refers to his staff as "Yahoos" when firing them deserves the "Patronising Crettin of the Year" award.