After a few weeks of speculation and rumors, the knife finally came out at Yahoo, and while the blood bath wasn't as radical as some thought it might be, it was still painful -- 1,000 jobs are going, which is about 7% of the workforce. The grim news was accompanied by grim quarterly results and a grimmer outlook. Net income dropped 23 percent from year-earlier numbers, and revenue projections were less than expected. Co-founder and CEO Jerry Yang told analysts the company just needed a little more time for its restructuring to pay off. "We are not tinkering around the edges," Yang said. "We are making significant, and what we believe are game-changing, investments in Yahoo's future." Sorry Jerry, not too many people are with you on this one and the rumors are rife that a takeover is in Yahoo's future. With the company sitting at $25B, with a net-of-holdings value of $10B, most bets are that Yahoo! will not be independent by July 4th. And as you know anyone taking it over will slash overhead even more. So Yahoo'ers don't have a happy fourth to look forward to!
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Yeah... But what kind of fireworks?
» Know More Media Review: Layoffs, Takeovers, Super Bowl and a Day to Wear Red from Know More Media
Another week chock full of hot news buzzing across the network. From the Yahoo layoffs and possible takeover; to “heartache leave” and National Wear Red day, Know More Media authors had plenty to say. For starters, today is National... [Read More]
Tracked on: February 1, 2008 8:03 PM | Permalink to Trackback