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
An Illinois woman has filed a lawsuit against Starbucks accusing that the coffee retail giant is misleading customers by "underfilling" its cold beverages. According to the plaintiff, Starbucks is cheating customers by serving cold coffees with too much ice cubes and less coffee than advertised, "often... GNC Holdings Inc. (GNC) Monday said it has commenced a strategic review that could lead to potential sale of the company. Shares of GNC Holdings gained over 4 percent after the vitamins and health supplement retailer said it has hired Goldman Sachs and Wachtell, Lipton, Rosen & Katz to advise on... Workers at a giant construction company in Saudi Arabia have set fire to several company buses amid protests at being laid off and not being paid wages for several months. Employees at the Saudi Binladin Group set fire to company buses and staged demonstrations within the Mecca region in recent weeks after the company, one of Saudi Arabia's largest employers, laid off 50,000 foreign employees.
comments powered by Disqus
Follow RTT