logo
Plus   Neg
Share
Email

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 RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Member of Congress have reportedly been told President Donald Trump's administration has reached an agreement to put Chinese telecom giant ZTE Corp. back in business. Reports from the New York Times and Reuters said the deal brokered by the Commerce Department would require ZTE to pay a substantial... Delta Air Lines will resume non-stop flights between the U.S. and India next year, almost a decade after it exited the Indian market. The airline said Thursday that its decision to resume non-stop flights from the U.S. to India follows agreements between the U.S. and the governments of the United Arab Emirates and Qatar to address the issue of government subsidies provided to state-owned carriers. Mortgage rates continued their upward trend this week and hit a seven-year high, even as housing demand remained robust. According to data released Thursday by mortgage finance provider Freddie Mac, the 30-year fixed-rate mortgage rose to 4.66 percent in the week ending May 24, from 4.61 percent in the prior week and 3.95 percent a year ago. This is also the highest level since May 5, 2011.
Follow RTT