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THURSDAY, NOVEMBER 26, 2009
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1,000 to Lose Jobs as Yahoo Profits Fall 23%

Will continue to face 'headwinds' this year as online ad revenues sink

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(Newser) – After a 23% plummet in fourth quarter profits, Yahoo's CEO said the company will face job cuts and continued "headwinds" in 2008, the Wall Street Journal reports. Facing decreased advertiser spending, the company will lay off 1,000 employees next month, though it will try to relocate some within Yahoo. Such bleak expectations prompted a 10% drop in shares after hours.

Advertisers in some sectors were hit by broader economic issues, causing slowed spending, according to Yahoo executives. The company's president expects things to get better. “We've seen a solid start to the year,” she said, but “we're obviously watching economic developments very closely.” Yahoo also announced that it will no longer share broadband profits with AT&T, instead focusing on providing content for the company.

Yahoo CEO Jerry Yang poses for a photo in front of the Yahoo booth at Consumer Electronics Show in Las Vegas, Jan. 7, 2008. Yahoo is expected to release quarterly earnings Tuesday, Jan. 29, 2008. (AP Photo/Paul Sakuma)
Yahoo CEO Jerry Yang poses for a photo in front of the Yahoo booth at Consumer Electronics Show in Las Vegas, Jan. 7, 2008. Yahoo is expected to release quarterly earnings Tuesday, Jan. 29, 2008. (AP...   (Associated Press)
The Yahoo headquarters in Sunnyvale, Calif. is seen Tuesday, Jan. 22, 2008. Battered by slow revenue growth and the popularity of social networking Web sites, Yahoo! Inc. is poised to lay off hundreds of workers, according to published reports. (AP Photo/Paul Sakuma)
The Yahoo headquarters in Sunnyvale, Calif. is seen Tuesday, Jan. 22, 2008. Battered by slow revenue growth and the popularity of social networking Web sites, Yahoo! Inc. is poised to lay off hundreds...   (Associated Press)
Yahoo CEO Jerry Yang gives a keynote address at the Consumer Electronics Show (CES) in Las Vegas, Monday, Jan. 7, 2008. Yahoo is expected to release quarterly earnings Tuesday, Jan. 29, 2008. (AP Photo/Paul Sakuma, file)
Yahoo CEO Jerry Yang gives a keynote address at the Consumer Electronics Show (CES) in Las Vegas, Monday, Jan. 7, 2008. Yahoo is expected to release quarterly earnings Tuesday, Jan. 29, 2008. (AP Photo/Paul...   (Associated Press)
Exterior of the Yahoo tent at the Consumer Electronics Show (CES) in Las Vegas, Tuesday, Jan. 8, 2008. (AP Photo/Paul Sakuma)
Exterior of the Yahoo tent at the Consumer Electronics Show (CES) in Las Vegas, Tuesday, Jan. 8, 2008. (AP Photo/Paul Sakuma)   (Associated Press)
Yahoo sign posted at the Consumer Electronics Show (CES) in Las Vegas, Monday, Jan. 7, 2008. (AP Photo/Paul Sakuma)
Yahoo sign posted at the Consumer Electronics Show (CES) in Las Vegas, Monday, Jan. 7, 2008. (AP Photo/Paul Sakuma)   (Associated Press)
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