Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

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

RELATED NEWS
Trade YHOO now with 

Third Point LLC said that Yahoo! Inc's (YHOO: Quote) 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.

Click here to receive FREE breaking news email alerts for Yahoo! Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Consumer prices in the U.S. unexpectedly showed a modest increase in the month of September, according to a report released by the Labor Department on Wednesday, with higher prices for food and shelter offsetting a continued decline in energy prices. The European Parliament has given its strong support to the new European Commission with 423 votes in favor, 209 against and 67 abstentions. The approval was crucial for the Juncker Commission to start a five-year term on 1 November. Today's vote marks the last step in the process leading up to the new European Commission. The European Cabinet has a representative each from all 28 EU member states After moving notably higher over the past few sessions, stocks may show a lack of direction in early trading on Wednesday. The major index futures are currently pointing to a roughly flat open for the markets, with the Dow futures up by just 5 points.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.