Yahoo! denies report it plans to slash 20 percent of staff

Pedestrians walk by a Yahoo sign in Times Square
Pedestrians walk by a Yahoo sign in Times Square in New York City. Yahoo! said Thursday that a report by a leading Silicon Valley technology blog that it is preparing to cut its staff by 20 percent is "misleading and inaccurate."

Yahoo! said Thursday that a report by a leading Silicon Valley technology blog that it is preparing to cut its staff by 20 percent is "misleading and inaccurate."

"Yahoo! is always evaluating expenses to align with the company's financial goals," Yahoo! said.

"However, a 20 percent reduction in Yahoo's workforce across the board is misleading and inaccurate," the Sunnyvale, California-based Internet company said in a statement.

Yahoo! issued the statement after technology blog TechCrunch reported that it is preparing to lay off one-fifth of its approximately 14,000 employees

All Things Digital, a technology blog owned by Dow Jones, also reported that Yahoo! was preparing layoffs but said the figure is "closer to 10 percent."

All Things Digital said the job cuts will take place in December and will be "almost completely centered on the product organization."

Yahoo! has been the subject of a series of takeover rumors recently with AOL and the private equity giant KKR cited as potential buyers.

Yahoo! chief executive Carol Bartz has been seeking to carve out an identity for Yahoo! as it struggles to compete with and but the firm's share price has been largely stagnant since she took over nearly two years ago.

! shares shed 0.83 percent on Wall Street on Thursday to close at 16.80 dollars.


Explore further

Yahoo! shares surge on takeover reports

(c) 2010 AFP

Citation: Yahoo! denies report it plans to slash 20 percent of staff (2010, November 12) retrieved 28 January 2022 from https://phys.org/news/2010-11-yahoo-denies-slash-percent-staff.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.
0 shares

Feedback to editors