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Yahoo implements company-wide hiring freeze, contemplating layoffs
Yahoo has implemented a company-wide hiring freeze despite hundreds of open positions as the first step in a cost-reduction initiative. The company is even contemplating layoffs moving forward, although these are expected to be small and strategic at first, according to sources with knowledge of the situation.
Yahoo will be revealing fourth quarter earnings on Tuesday and although there has been some improvement near the last part of the quarter, overall results are still expected to be weak. Analysts are expecting Yahoo to report revenues of $1.19 billion compared to $1.5 billion last year. As such, newly appointed CEO Scott Thompson certainly has his work cut out for him in order to get Yahoo moving in the right direction again and it appears he is starting at the foundation with finances.
As All Things D reports, additional measures are likely needed in regard to leadership roles. Earlier this week co-founder Jerry Yang resigned from all of his posts at Yahoo to pursue other interests. In addition to Yang’s departure, up to four additional board members are expected to leave their positions soon.
Another battle could be brewing between Yahoo and hedge fund manager Daniel Loeb who owns five percent of the company. Reports say that Loeb had been lobbying for Yang to resign and hopes to see other board members follow in the near future.
As of writing, Yahoo has declined to comment to any of the sources used in this article.
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User Comments (8)
Post a comment|
Guest
on January 19, 2012 2:58 PM |
Looks like Yahoo! is just about done for. |
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Guest
on January 19, 2012 3:35 PM |
"Looks like Yahoo! is just about done for." What? They still have more than 1 BILLION revenue! And what is yours? 100$ a year? |
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TomSEA
on January 19, 2012 4:20 PM |
Yahoo! = the newest version of AOL and MySpace. They'll be just a footnote in Wikipedia 3 years from now. |
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cliffordcooley
on January 20, 2012 8:52 AM |
Seems Jerry abandoned a sinking ship. I have always hated Yahoo Sex Messenger and have never cared for Yahoo for this reason. |
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Guest
on January 20, 2012 9:27 AM |
"Looks like Yahoo! is just about done for." What? They still have more than 1 BILLION revenue! And what is yours? 100$ a year? Uh, what do we have here? A Yahoo fanboy? lol... Have to agree with the Guest first post. Yahoo has not been doing very good lately. Yahoo has become worse than AOL ever had time to be. Investors aren't happy, some people think Yahoo is no longer relevant, ect ect. Yahoo sucks because Yahoo betrayed its users on all fronts. And talk about Yahoo's phenomenal business model. Hey, lets spend lots of money developing rich content to attract advertisers then make it really difficult for them to give you their money. And their products suck! Just look at 360, Messenger, Music, Autos, Real Estate, Search or many, many others crappy Yahoo products. When it boils to a company like Yahoo, it's definitely not a positive. |
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Guest
on January 20, 2012 1:09 PM |
I gave a fair, no foul language and honest response to the 2nd Guest post in true sincerity on how I feel about how bad Yahoo is today. Quite sad that TECHSPOT crybaby moderators won't post it. Oh well, LOL! |
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Guest
on January 20, 2012 2:46 PM |
I have a friend who still uses Yahoo for everything - home page, search, email - and clearly with 500+ million visitors a month, it doesn't seem to be done for. What a big mistake by Yang to resist the Microsoft offer($45bn). |
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mevans336
on January 21, 2012 6:12 PM |
The only thing Yahoo! has consistently done right is their music video service. It trumps anything (barring TPB and Bittorrent) out there and has for years. |
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