logo
Share SHARE
FONT-SIZE Plus   Neg

Yahoo! To Axe About 2K Jobs - Quick Facts

Yahoo! (YHOO) confirmed that it is taking important steps in reshaping the company for the future, and has identified key parts of the business, a select group of core businesses, the platforms that support those core businesses, and the data that drives deep personalization for users and ROI for advertisers, where it would intensify efforts and redeploy resources worldwide, entirely focusing on enhancing shareholder value.

Therefore, the company would start informing employees about these changes, and as part of that effort, around 2,000 people would be notified of job elimination or phased transition. The company, through its restructuring efforts, plans to grow by responding more quickly to customer needs and competing more effectively in areas where it can win.

Further, Yahoo! expects to realize nearly $375 million of annualized savings upon the close of all employee transitions. The company now sees to recognize the majority of an estimated $125 million - $145 million pretax cash charge relating to employee severance in its second quarter financial results.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Jeff Bezos, the CEO of Amazon, has overtaken Berkshire Hathaway's founder Warren Buffet to become the third-richest person in the world, according to the Bloomberg Billionaires Index. Bezos is now behind clothing retailer Zara's founder Amancio Ortega, who is now second, and Bill Gates, co-founder... The White House has announced new initiative to fight climate change, curb usage of fossil fuels and increase access to clean energy by pushing the use of electric vehicles. The Obama administration announced a series of actions from the Federal government, private sector, and states, as well as... Telecom giant Verizon Communications Inc. is reportedly very close to a deal to buy the core business of struggling internet company Yahoo Inc. Verizon has trumped out rival bidders and is close to acquire Yahoo's core internet business, reported Bloomberg News, citing people familiar with the matter. Verizon...
comments powered by Disqus
Follow RTT