"Yahoo Inc. plans to cut hundreds of jobs as part of an effort to refocus the Web portal's faltering business, a source familiar with the matter said Monday.
The layoffs would mark the most aggressive step yet by Jerry Yang, Yahoo's chief executive, to revive the company's fortunes since he took the reins last year. He's been under intense pressure from Wall Street investors to jettison underperforming units, in an effort to jack up Yahoo's profits and its moribund shares.
The job cuts are expected to number around 500, out of 14,000 employees globally, although their precise locations have yet to be finalized. They could be announced during the company's fourth-quarter earnings report on Jan. 29 along with some more information about the company's continuing reorganization."
Monday, January 21, 2008
Yahoo expected to cut hundreds of jobs
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