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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Blog: Slowing growth in display advertising led to a nearly 2 percent drop in net profit for Yahoo in the second quarter.
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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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Yahoo is likely to cut hundreds of jobs later this month, report says.
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NEW YORK/SAN FRANCISCO  - 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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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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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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U.S. stocks fell on Thursday as investors locked in profits ahead of jobs data on Friday that could show further weakening in the economy and hurt corporate earnings.
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After declining Microsoft's buyout offer, Yahoo starts the layoffs announced last month.
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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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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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Electronics giant Sony cuts its operating profit and sales targets for this business year, blaming falling product prices.
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Yahoo said that its fourth-quarter net income fell to $206 million, a 23-percent decline from $269 million in the same quarter a year ago.
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SAN FRANCISCO -- Yahoo Inc. (YHOO) Chairman Terry Semel stepped down as chief executive in a surprise move Monday, ending his increasingly ineffectual pursuit of online search leader Google Inc.
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Stocks declined on Wednesday after a report showing weaker-than-expected economic growth underscored worries about a recession and Yahoo Inc  forecast 2008 revenue below expectations.
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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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(InfoWorld) - Yahoo's net income fell year-over-year in a quarter that sawÂ Yahoo leadership change handsÂ amid criticism that the company failed to capitalize on the explosive growth of the search-engine advertising market. Yahoo also lowered guidance for the third quarter and for 2007 as it reported financial results Tuesday. Revenue excluding traffic acquisition costs for Yahoo's second quarter ended June 30 were $1.244 billion, slightly higher than the $1.242 billion Thomson First Call analysts had estimated. Net income for the quarter was $161 million or $0.11 per share, in line with analyst estimates and slightly lower than the $164 million or $0.11 per share for the same period in 2006. Operating income for the second quarter of 2007 was $185 million, a 19 percent decrease compared to $230 million for the same period of 2006. Cash flow from operating activities for the second quarter of 2007 was $406 million, a 6 percent decrease compared to $430 million for the same period of 2006. Tuesday marks the first time co-founder Jerry Yang faces investors for an earnings period since taking over the CEO position on June 18, when former CEO Terry Semel stepped down. The new CEO is in the position of convincing Wall Street he has what it takes to improve performance at Yahoo, and he took an aggressive stance in a press statement ahead of the company's quarterly conference call. "I am focused on doing everything we need to do to strengthen our business, capture long-term growth opportunities, and create increased value for our shareholders," Yang said, according to the statement. "By sharpening our focus, speeding execution, building our technology and talent, and investing in key growth areas, we can put Yahoo on a clear path to fulfill its potential as an Internet leader." Yahoo also offered new, lowered guidance for its third quarter and year-end results. Wall Street expected $1.304 billion in revenue for the third quarter, but Yahoo said Tuesday that revenue would be in the range of $1.17 billion to 1.31 billion. Third-quarter EBITDA (earnings before interest, taxes, depreciation and amortization) are now expected to be in the range of $380 million to $450 million rather than the $521 million Wall Street is currently expecting. For 2007, Yahoo is now expecting revenue of $4.89 billion to $5.19 billion rather than Wall Street's current guidance of $5.199 billion. EBITDA for 2007 is expected to be in the range of $1.775 billion to $1.955 billion rather than the current guidance of $2.063 billion, according to Yahoo. On a conference call Tuesday, Yang acknowledged he is doing a "top-to-bottom review" of Yahoo's business. "There isÂ a significant gap between where we are and where we need to be," he said, adding that it is with a "great sense of urgency" that he plans to evaluate Yahoo's business so the company can improve financial results quickly. Some areas on which Yahoo will put more emphasis are display advertising, its publisher network, and its online partnerships through its newspaper consortium, said Yahoo President Susan Decker, who was promoted to her current position when Yang took over as CEO. Previously, she was executive vice president and head of the Advertiser and Publisher Group. Yang named cultivating a new employee culture of "teamwork, leadership, and the desire to win" as a key objective in the near term. That initiative would include more hiring and changes in the executive ranks, he said. Another aim is to speed up Yahoo's plan to trim fat and focus on core businesses such as online advertising, as well as to help its customers and advertisers build upon Yahoo's Web-based services platform. The company also has to make decisions faster, executives said. This story was updated on July 17, 2007