Wednesday, October 22, 2008

Yahoo to Lay Off 1,500 Employees

A Yahoo workerOn Tuesday, Yahoo announced third-quarter fiscal report. The net profit of Yahoo fell 64%, compared with the last year. Yahoo is expected to lay off worldwide staff at least 10% in the fourth quarter, that is 1,500 employees.

This is the second time large-scale layoffs in the last 9 months, because the decline in the overall economic growth made the third quarter net profit fell. The investors stew over a missed opportunity to sell to Microsoft Corp. for $47.5 billion.

Yahoo felt the squeeze in the third quarter as the Sunnyvale, Calif.-based company earned $54.3 million, or 4 cents per share. That was a plunge of 64 percent from $151.3 million, or 11 cents per share, at the same time last year.

Originally Posted: China Business Daily
Author: Angulo Fu