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
A United Airlines flight from Shanghai to New Jersey was delayed for hours as an unruly passenger refused to vacate the seat of another passenger while boarding the aircraft in Shanghai. The flight was also forced to make an unscheduled stop at San Francisco International Airport to get a replacement crew after delays caused by the passenger. Nacho cheese sauce sold at a Sacramento gas station has tested positive for the toxin that causes botulism and killed one person, according to health officials. The California Department of Public Health or CDPH said it has confirmed that the cheese sauce sold at the gas station in Sacramento County tested positive for the toxin that causes botulism. Google's artificial intelligence or AI player AlphaGo defeated world's number one Go player Ke Jie of China. Go is an ancient Chinese board game, harder than chess.
comments powered by Disqus
Follow RTT