Yahoo! freezes! pay!!
Oh! Great!
Posted in Financial News, 26th January 2009 10:51 GMT
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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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