logo
Share SHARE
FONT-SIZE Plus   Neg

Third Point Issues Statement On Yahoo!'s Layoffs Announcement - Quick Facts

Third Point LLC said that Yahoo! Inc's (YHOO) layoffs announcement represent the company's fifth significant headcount reduction in as many years.

Third Point, Yahoo!'s largest outside shareholder, said while this action was unfortunately necessary and widely expected, it is disappointed that this round of cuts occurred before CEO Scott Thompson has articulated his strategic plan for the company.

Earlier today, Yahoo said it will layoff about 2,000 employees, or 14 percent of its global workforce, as it revamps itself into a slimmer company. Yahoo estimates the restructuring will result in annualized savings of about $375 million. The company also currently expects to incur an estimated $125 million to $145 million in pretax cash charges relating to employee severance, with the majority of it being recognized in the second quarter.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Etihad Airway's Chief Executive Officer James Hogan will leave in the second half this year. Hogan has been with the Abu Dhabi based aviation group since 2006. Chief Financial Officer James Rigney also will depart from service. Seafood lovers must now be prepared to dole out more cash than before for salmon. The price of salmon has surged globally and is now at historic highs amid acute outbreaks of sea lice. According to data from the Nasdaq Salmon Index, the price of salmon has risen by more than 15 percent in the last three months. Health-food restaurant chain Freshii Inc. has increased the price range for its initial public offering in Canada. Freshii has raised the price range for its IPO to C$10 to C$11.50 per share from the prior range of C$8.50 to C$10.0 per share, BNN reported.
comments powered by Disqus
Follow RTT