Update: 1,000 job cuts announced
Quote:In the wake of a fourth-quarter report that showed a drop in profits and an outlook that disappointed investors, Yahoo said Tuesday it will cut 1,000 workers from its payroll as CEO Jerry Yang attempts to reinvigorate the portal he cofounded.
Yahoo's fourth quarter profit of US$205.7 million, or 15 cents per share, handily beat Wall Street expectations of 11 cents, but revenue was $1.8 billion, in line with analyst forecasts. Net income was down 23 percent from the year before, while revenue rose 8 percent.
As with other high-tech companies -- including Apple and eBay-- Yahoo was done in by its outlook, which fell below analyst expectations. Yang, who took over as CEO at Yahoo midway through 2007, pulled no punches, saying plenty of challenges remain ahead as the company tries to compete for online marketing dollars with Google...
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