Yahoo Will Lay Off 1500 Employees as Earnings Tank

October 23rd, 2008

Yahoo is laying off at least 1,500 workers in the wake of sluggish corporate profits. The layoffs equate to 10 percent of the Internet company’s workforce.Yahoo stumbled in its third-quarter earnings report. Revenues were $1.79 billion for the quarter, a one percent increase compared to the year-ago period. But operating income was $70 million, a 53 percent decrease from $150 million in the same period of 2007.

Jerry Yang, cofounder and chief executive officer, said as economic conditions and online advertising softened in the third quarter, the company remained highly focused on its strategy to invest in initiatives that strengthen its long-term competitiveness.

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