Yahoo Laying Off Another 1% of Workforce
Yahoo today announced layoffs affecting about 1 percent of the global workforce, which would be about 150 people. These layoffs are in addition to the cut of about 700 workers the company announced last month; those cuts mostly affected the product group.
A Yahoo spokeswoman told CNBC the company is not disclosing what geographies or job functions will see cuts. But CNBC has learned that at least some of the cuts are coming outside the U.S., and some inside.
In a statement, Yahoo said:
“The personnel changes we are making are part of out ongoing strategy to best position Yahoo for revenue growth and margin expansion and to support our strategy to deliver differentiated products and experiences to the marketplace. We’ll continue to hire on a global basis to support our key priorities. Today’s action affects approximately 1% of the global employee base.”
Wall Street’s expecting another ho-hum quarter fourth quarter report from Yahoo, about $1.19 billion in revenue and 22 cent EPS – that would compare to last year’s $1.73 billion and 11 cent EPS. Yahoo has done a lot of trimming down in the past year – but what investors really want to hear is some indication that Yahoo can grow.