Yahoo! has confirmed that company financial difficulties will result in 1,000 members of staff being made redundant as part of a “necessary step” in the company’s development. Chief executive Jerry Yang (pictured) reported that the company had recorded a slump in profits in December, 23% down year-on-year.
Yang said that the company was facing “headwinds” that could last throughout 2008 and “profound changes” were a reaction to the intense competition and falling advertising felt by Yahoo!
In a written statement Yang commented: “While we continue to face headwinds this year, we believe that the moves we are making will help us exit 2008 stronger and more competitive and return to higher levels of operating cash flow growth in 2009.”
So far, details of where the redundancies will be enforced have not been issued. However, confirmation is expected within the next few weeks.
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