Business News
Yahoo to axe 5 per cent of workforce
Apr 21, 2009, 21:26 GMT
San Francisco - Internet portal Yahoo said Tuesday that it planned to cut 5 per cent of its workforce as the company struggles with the economic downturn and the dominance of Google in internet search.
Yahoo announced the job cuts as it reported quarterly income of 118 million dollars, down 78 per cent from a year ago but still above analysts' expectations. Sales for the Silicon Valley company fell 13 per cent to 1.6 billion dollars.
The company said the job cuts will affect between 600 and 700 workers, about the same number that were axed last year in an earlier bid to shore up profits.
The latest job cuts were the first to be ordered by chief executive Carol Bartz, who replaced company co-founder Jerry Yang in January after he had been widely condemned for botching negotiations to sell Yahoo to Microsoft. Bartz has since met with Microsoft chief Steve Ballmer to talk about an alliance that would combine the companies' search divisions to battle Google.
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