Facing headwinds, Yahoo to cut jobs
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Yahoo Inc   posted a drop in quarterly profit on Tuesday and forecast 2008  revenue below Wall Street forecasts as it cuts jobs and invests  to shore up its Web advertising business.
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Terry Semel is stepping aside as Yahoo CEO, with co-founder Jerry Yang set to take over the helm.
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Yahoo reported a drop in quarterly profit  and its shares fell nearly 7 percent as Chief Executive Jerry Yang predicted a tough 2008 amid a weakening U.S. economy.
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Yahoo Inc. YHOO.O 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.
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By THE ASSOCIATED PRESS  SAN FRANCISCO - Yahoo Inc. will undergo its most extensive shake- up in more than five years, hoping to snap out of a malaise that has ravaged its stock and provoked one of its own top executives to bluntly question the Internet powerhouse's direction.
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After Jerry Yang and Sue Deckerâs conference call on Tuesday, Yahooâs shares plunged. Now, the companyâs customers and employees are left to wonder whatâs next.
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Stock futures fell on Wednesday,  indicating a dip on Wall Street after Internet media company  Yahoo  reported a drop in quarterly profit and ahead of  the Federal Reserve's rate decision.
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An analyst runs through the numbers and shows just how far Yahoo has slumped. Will its poor stock performance make it a takeover target?
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Yahoo will announce plans to lay off hundreds of its 14,000 employees as the&#160;faltering Internet giant&#160;continues trying to snap out of its financial funk and fine tune its business strategies, several media outlets are reporting.Yahoo will let go hundreds of staffers as part of its ongoing efforts to improve its profitability and compete against Google, Facebook, MySpace and others, according to articles in The New York Times and The Wall Street Journal that cited anonymous sources.However, the Journal said that Yahoo will hire new employees in other areas and that it plans to finish the year with about the same amount of employees it had at the end of 2007.If Yahoo does in fact keep its headcount at last year&#39;s level, then the layoffs will probably be seen as a rebalancing of staff and less as a sign of financial distress at the company.A Yahoo spokeswoman contacted by IDG News Service declined to comment about layoff plans but said in an e-mailed statement that, as part of its multiyear transformation plan, the company plans to &quot;invest in some areas, reduce emphasis in others, and eliminate some areas of the business,&quot; based on its priorities.&quot;Yahoo continues to attract and hire talent against the company&#39;s key initiatives to create long-term stockholder value,&quot; she said on Tuesday.Yahoo is still deciding the extent of the layoffs and the areas that will be affected, and it will likely announce concrete plans to reduce staff next Tuesday when it issues its fourth-quarter earnings report, the Times and the Journal reported.Whatever ends up happening with the reported staff cuts, it&#39;s undeniable that Yahoo is still very much in reorganization and recovery mode.Once viewed as a dominant provider of online advertising and consumer Internet services, Yahoo has in recent years looked out of sync with the latest technical innovations and business opportunities. For starters, it let Google run away with the market for Internet search and advertising, and failed to develop a leading social-networking site, letting MySpace and Facebook capitalize on that opportunity. Yahoo also largely missed the online video revolution, which Google latched on to with its YouTube acquisition.Along the way, its sales and profits have been disappointing for the past two years, leading to several management shakeups in late 2006 and 2007.By far, the most dramatic happened in June, when co-founder Jerry Yang took over as CEO and chairman from Terry Semel. At the time, Susan Decker, former chief financial officer and head of Yahoo&#39;s advertiser and publisher group, became president.A week after Semel&#39;s demotion to non-executive chairman, Yahoo combined its search and display advertising sales teams in the U.S. It was an attempt to extend the company&#39;s long-standing, core display advertising client relationships to the pay-per-click business, which generates about 40 percent of the industry&#39;s online advertising and is dominated by Google.In August, Yahoo again shook up its top management ranks when it announced that its top sales executive would leave and that a new global sales organization had been created.In December 2006, Semel had rolled out a major reorganization, creating three main business units to focus on Yahoo&#39;s key customer segments: consumers, advertisers and publishers. At the time, Semel also announced that Dan Rosensweig, then chief operating officer, would leave the company.That reorganization was preceded by a widely publicized internal memo that was leaked to the media in November and came to be known as the Peanut Butter Manifesto. In the scathing memo, Brad Garlinghouse, Yahoo&#39;s senior vice president of communications and communities, called for a major reorganization, saying the company lacked &quot;a focused, cohesive vision&quot; that had made it &quot;reactive&quot; and eager to be &quot;everything to everyone.&quot;Since the uproar over the Peanut Butter Manifesto and the ensuing shakeups, Yahoo has seen quite a few changes in its upper management ranks. In addition to Semel&#39;s demotion and Rosensweig&#39;s departure, also gone are Wenda Harris Millard, who was chief sales officer, and Chief Technology Officer Farzad Nazem. In June, The New York Times reported that, in addition to these executives, at least 17 others at vice president level or higher had left Yahoo since the December 2006 reorganization.&#160;
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SAN FRANCISCO -- Yahoo Inc. Chairman Terry Semel stepped down as chief executive in a surprise move Monday, ending his increasingly ineffectual pursuit of online search leader Google Inc. _ a losing battle that had demoralized Yahoo's shareholders and employees.
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Yahoo will reorganize into three new units, as part of a shake-up that will see Chief Operating Officer Dan Rosensweig leave the company, Yahoo said Tuesday.
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Yahoo Inc. and AT&T Inc.  are negotiating potentially sweeping changes that could scale  back their partnership, the Wall Street Journal reported,  dragging Yahoo shares down 5.3 percent.
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Yahoo Inc confirmed on Friday that Chief Marketing Officer Cammie Dunaway, a member of the Internet media company's executive team, was leaving the company, effective November 2.
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The boss of Yahoo says he is working on a "strategic plan" for the firm after reporting a sixth quarterly profit fall.
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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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Yahoo Inc.'s third-quarter results will be hurt by what appears to be a slowdown in the growth of auto and financial advertising, the Internet company's chief financial officer said Tuesday. Its stock fell 12 percent.
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Yahoo has introduced two new severance plans that will protect its employees if&#160;Microsoft&#39;s unsolicited takeover bid&#160;is successful, it said in filings with the U.S. Securities and Exchange Commission (SEC) on Tuesday.The new plans filed make all full-time employees eligible for severance pay equal to base salary for four months to 24 months, depending on the employee&#39;s job level. Health and dental coverage is also included.The maximum protection of 24 months&#39; salary will be offered to CEO Jerry Yang, Chief Financial Officer Blake Jorgensen, and certain other executives still employed by the company and named in the SEC proxy filing for Yahoo&#39;s 2007 annual general meeting. That list includes former CFO Susan Decker, now president of the company, and Executive Vice President, General Counsel and Secretary Michael Callahan. Others listed in the proxy filing have already left the company, including former Chairman Terry Semel, former Chief Operating Officer Daniel Rosensweig and former Chief Technology Officer Farzad Nazem.The benefits take effect if an employee&#39;s contract is terminated without cause by Microsoft -- or another acquirer -- or if the employee leaves with good reason within two years of a change of ownership.The severance plans are designed to help retain employees, help maintain a stable work environment and provide certain economic benefits to the employees in the event their employment is terminated, according to Yahoo.Yahoo&#39;s filing came the same day that news reports suggested Microsoft is preparing a campaign to win shareholder support for changes to Yahoo&#39;s board.&#160;