Yahoo! freezes! pay!!
Oh! Great!
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Yahoo! is freezing all staff pay, blaming the tough ad market.
In an email seen by several newswires Yahoo! said: "Based on the current economic environment and our focus on keeping costs in line with revenues, we have decided that providing annual salary increases would not be in the best interests of the company or our shareholders."
Yahoo! said the decision was in line with its ongoing focus on cost cutting. The freeze is expected to last for all of 2009.
The company announced a ten per cent cut in headcount in December - losing 1,500 people.
Yahoo! announces fourth quarter and full year results Tuesday - the first overseen by new CEO Carol Bartz. Tough talking Bartz has been widely praised as just the medicine Yahoo! needs.
It is expected to post a further decline in profits - the third quarter saw a 64 per cent drop in profits as ad sales fell. Several analysts also expect further job losses at the internet giant. ®
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COMMENTS
Keep! It! Fresh!
I thought pay cheques would last a long time if kept in the fridge. Yahoo! are clearly going further with frozen pay. I think the banks will object to frozen cheques unless you thaw them out first.
time for a new cattle drive?
I've never had the same taste in my mouth for Yahoo since I seen Semels daughter on that reality tv show. She had absolutely no idea what it is to put in a days work, the value of a good days work, and obviously the management of yahoo doesn't either. I know he's not the CEO anymore but my god all this company seems to do now is muckup deals and lose money. I remember hearing those stupid yahoo commercials all summer on the radio. Like really if your not already using yahoo I doubt that a radio commercial is going to get things kicking for you.
A note to yahoo, you cease to become a search engine when your website looks like youtube.com
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