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Yahoo! to announce job cuts and cost cuts |
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Written by David Stellmack
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Monday, 20 October 2008 04:55 |
Rumors have been circulating for weeks
According to the Wall Street Journal, Yahoo is expected to announce cost-cutting moves this week, including another round of layoffs. While the number of layoffs hasn’t been released yet, cuts are anticipated company-wide. It has been reported that Yahoo asked its management to identify areas where budget cuts of 15 percent or more can be made.
Yahoo has already laid off 1,100 employees earlier in the year and currently has about 14,300 employees. The number of jobs to be eliminated has been rumored to be in the neighborhood of 3,000 positions.
Yahoo’s stock is still hovering at less than $13.00/share, which is about half of what Microsoft had offered when it was contemplating the purchase of Yahoo. Investors have to be unhappy about this, even though the stock took a small bump upward last week on the rumor that Microsoft was still looking at acquiring part of Yahoo.
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