IT - 2000 JOB cut
Yahoo 2nd largest search directory on web, Yahoo Inc company
said it was laying off 2,000 employees, signaling a broad shakeup of the Yahoo
inc company. "Today's actions are an important next step toward a bold,
new Yahoo Inc -- smaller, nimbler, more high profitable and better equipped to
innovate as fast as our customers and our online industry require," Company
Chief Executive Officer Mr.Scott Thompson on Wednesday. "Yahoo Inc goal is
to get back to our core purpose -- putting our online users and advertisers
first -- and we are moving aggressively to achieve that goal." Yahoo,
which ended 2011 with roughly estimate 14,000 Company employees, said it would
save amount $ 375 million annually from the employees cuts. It will incur a
pretax cash charge in the second quarter of amount $ 125 million to amount $ 145
million in connection with the Employees cuts, it said. The Yahoo company
declined to comment on severance inside details. Some Online industry analysts
seemed skeptical about the layoffs, which had been widely expected. "Company
can't cut your way to revenue growth," sector expert said Colin Gillis of
BGC Partners. "What people want to see out of Yahoo Company is they want
to see a plan and provision for revenue growth." Yahoo Company said it
would provide more details when it released “1” quarter results on April 17
2012. The layoffs come as Yahoo company revenue declines amid competition from
Web rivals Google Inc and Face book (website) as the company fights a proxy
battle with hedge fund manager Daniel Loeb. Daniel Loeb, who runs Third Point,
is seeking to appoint four new directors to Yahoo's company board. Third Point,
with a 5.8 per cent stake in Yahoo Inc, is the company's largest shareholder.
Source: The Times of India
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