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1,500 Yahoo staff out the door by Christmas

Discussion in 'News' started by wagnerk, Dec 11, 2008.

  1. wagnerk
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    wagnerk aka kitkatninja Moderator

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    1,500 Yahoo staff out the door by Christmas



    Yahoo is expected to tell 1,500 mainly US employees today they will be out of work by Christmas.

    The internet search company announced the layoffs in October as part of a cost savings plan after releasing poor third-quarter results.

    Since then, managers have been working to identify exactly which jobs would be cut to meet the £244m a year savings target.

    Affected employees will accrue holiday credits, receive benefits and remain on call until mid February, but will stop work today, according to Silicon Alley Insider.

    Yahoo has suffered a $30m loss in value since out-going chief executive Jerry Yang rejected a buyout offer from Microsoft in February.

    Read the whole article here.

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