Making choice cuts, Yahoo struggles to stay afloat amidst plummeting profits
Yahoo, despite owning the most visited set of properties on the Internet, has been forced to make big changes to deal with losing ground to its hungry competitors like Google. Yesterday, Yahoo CEO Jerry Yang confirmed fears with an announcement that profit had significantly dipped from the previous year.
Yahoo experienced profit dips for several quarters, and now has another to add to the list. The fourth quarter saw profit fall to $206 million USD, down from $269 million USD from the previous year, a drop of approximately 23.5%. This comes despite revenue increasing $113 million USD to a total of $1.83 billion USD.
Profit for the year sunk to $660 million USD, from $751 million USD only a year ago. Revenue increased over the year, but could not help the sinking profit margin.
The end result is that Yahoo will lay off approximately 7% of its workforce, trimming 1,000 of its 14,300 jobs.
more info:dailytech
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