Yahoo cuts jobs as profits fall
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Search engine Yahoo says it plans to cut 1,000 jobs as its profits fall 23% in the final three months of 2007.
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InfoWorld - Yahoo's fourth-quarter revenue grew, but net income fell as the struggling Internet giant tried to put its house in order and improve its ability to compete against Google and other rivals.
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Yahoo plans to lay off hundreds of employees to increase profitability, prop up its deflated stock price and focus on a smaller number of key areas, people close to the company said.
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Yahoo, owner of the most-visited U.S. Web site, will make cutbacks in some areas of its business as it faces increasing competition from Google and Microsoft.
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The company's sales fall, pulling down its stock price.
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SUNNYVALE, Calif. -- Battered by slow revenue growth and the popularity of social networking Web sites, Yahoo Inc. is poised to lay off hundreds of workers, according to published reports.
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By David Quainton  Yahoo! has handed almost all its UK business to Hill & Knowlton.   As broken on PRWeek.com this Monday, the appointment sees the internet firm part ways with Bite Communications, Brands2Life and Cohn & Wolfe.
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Blog: Yahoo Finance general manager leaves
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After a challenging year, Yahoo posted a 23 percent decline in fourth-quarter profits and announced plans to cut 1,000 positions.
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WASHINGTON  - Job-cut announcements by US companies fell 5.6 percent in October to 101,840, according to outplacement firm Challenger Gray and Christmas.
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InfoWorld - Yahoo&#39;s net income fell year-over-year in a quarter that saw&#160;Yahoo leadership change hands&#160;amid criticism that the company failed to capitalize on the explosive growth of the search-engine advertising market.
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As expected, Yahoo Inc began carrying out lay-offs up to 1,000 employees on Tuesday, as part of job cutbacks announced last month, several employees at the company's headquarters said on Tuesday.
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Yahoo, struggling to compete with Google on search and advertising and to adapt to recent changes in management, said yesterday that second-quarter profit dropped 2.3 percent.
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Yahoo Inc. said head of sales Gregory Coleman is leaving the company, the latest casualty of a management shakeup following three years of slowing revenue growth and market share losses to Google Inc.
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(InfoWorld) - A slowing U.S. economy may already be impacting Yahoo's Web advertising sales growth, the head of the company said Tuesday, a trend that does not bode well for other ad-supported Internet sites. "We're seeing some slowing in perhaps two of the largest sectors, both autos and financial services," said Terry Semel, chairman and chief executive officer of Yahoo, in response to questions at a Goldman Sachs conference. Advertising sales from both sectors have slowed down during the past three to four weeks, although both remain on a growth track. "They're growing, but they're not growing as quickly as we would have hoped at this moment in time," said Semel. The comments sparked a sell-off in Yahoo shares, which plunged 11.2 percent, or $3.25, to close at $25.75 each during normal trading hours. Other Internet stocks suffered from the comments, with Google shares falling 2.6 percent to $403.81, and eBay stock ending 3.3 percent lower to finish the day at $25.95. Yahoo loweredÂ its third quarter outlook to the lower end of its guidance. The company had forecast revenue, excluding commissions, to be in the range of $1.12 billion to $1.23 billion this quarter. A slowdown in advertising growth on the Internet could hurt the development of new Web sites in the near term, since so much content depends on advertising sales to support operations. But Yahoo was careful to note that it cannot tell whether the current slowdown is a sign of broader trouble or is limited to ads from the auto and financial sectors. The company also noted that while the weakness in advertising showed up in some of the most economically sensitive categories, it's not necessarily a sign of a slowing U.S. economy. "It's too early to tell if this is a sign of anything broader," said Susan Decker, head of finance at Yahoo, who attended the conference with Semel. An audio Web cast of comments by the two Yahoo executives can beÂ accessed here.
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Internet search giant Yahoo has announced a major shake-up of its business aimed at increasing advertising revenue, a strategic response to gains by rival Google.
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Yahoo Inc.  said on Tuesday  the company expects third-quarter revenues to be at the bottom  half of its forecast range due to weakness from its two biggest  advertising segments, sending its shares down as much as 13  percent.