Reuters: Technology News: Yahoo lays off 2,000 employees

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Yahoo lays off 2,000 employees Apr 4th 2012, 13:41 Tweet Share this Email Print Related News Facebook launches patent counterattack against Yahoo Tue, Apr 3 2012 Yahoo layoffs to begin next week: report Fri, Mar 30 2012 Third Point CEO to continue fight over Yahoo board Wed, Mar 28 2012 Facebook halts secondary market trading, plans for May IPO Wed, Mar 28 2012 Yahoo names three new independent directors to board Mon, Mar 26 2012 Analysis & Opinion Companies must examine users, not just suppliers The Yahoo! offices are pictured in Santa Monica, California April 18, 2011. Credit: Reuters/Mario Anzuoni By Alexei Oreskovic and Sarah McBride Wed Apr 4, 2012 9:44am EDT (Reuters) - Yahoo Inc said it was laying off 2,000 employees, signaling a broad shakeup of the company. "Today's actions are an important next step toward a bold, new Yahoo -- smaller, nimbler, more profitable and better equipped to innovate as fast as our customers and our industry require," Chief Executive Officer Scott Thompson on Wednesday. "Our goal is to get back to our core purpose -- putting our users and advertisers first -- and we are moving aggressively to achieve that goal." Yahoo, which ended 2011 with roughly 14,000 employees, said it would save $375 million annually from the cuts. It will incur a pretax cash charge in the second quarter of $125 million to $145 million in connection with the cuts, it said. The company declined to comment on severance details. Some analysts seemed skeptical about the layoffs, which had been widely expected. "You can't cut your way to revenue growth," said Colin Gillis of BGC Partners. "What people want to see out of Yahoo is they want to see a plan and provision for revenue growth." Yahoo said it would provide more details when it released first-quarter results on April 17. The layoffs come as Yahoo's revenue declines amid competition from Web rivals Google Inc and Facebook, and as the company fights a proxy battle with hedge fund manager Daniel Loeb. Loeb, who runs Third Point, is seeking to appoint four new directors to Yahoo's board. Third Point, with a 5.8 percent stake in Yahoo, is the company's largest shareholder. (Reporting by Sarah McBride in San Francisco; Editing by Lisa Von Ahn and John Wallace) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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