Yahoo to Cut 700 Jobs as Profit Plunges

Moves were expected amidst flat growth

(NEWSER) - Yahoo is slashing 2,000 jobs, or about 14% of its workforce, the company announced today, in a long-expected cost-cutting move. The cuts will hit every department in the company, and sources tell the Wall Street Journal that yet more cost reduction measures are in the works, as Yahoo continues to wrestle with flat revenue growth and declining traffic. More»

New CEO Scott Thompson plans major restructuring, sources say

(NEWSER) - Yahoo's new CEO is planning a major shake-up of the business that's expected to involve thousands of layoffs, sources tell All Things Digital . Scott Thompson, who has been pushing for quick changes since taking charge early this year , is eyeing big cuts in Yahoo's large products organization, as well as in PR, research, and marginal business operations, the sources say. Some sections will be cut away, leaving "resources to go to better efforts," according to one insider. "This has to be a true change to get this company back on track." More»

Products division slashing workforce

(NEWSER) - Some 5% of Yahoo's workforce will get bad news just in time for the holidays. The company, seeking to cut costs amid lackluster growth, will lay off as many as 700 employees today, sources tell AP . Most of the layoffs will occur in its US products division, although there may be cuts in other areas, reports All Things Digital . This is Yahoo's fourth round of mass layoffs since 2007, and insiders are wondering whether CEO Carol Bartz may be next in line for a pink slip. More»

Revenue falls, but downsized company earns $186M

(AP) - Yahoo’s third-quarter profit more than tripled even though the company's quarterly revenue fell in the double digits for the third consecutive time. The earnings improvement reported today was primarily driven by extensive cost-cutting that has eliminated more than 2,000 jobs in the past year. The company, however, is still struggling to lure back advertisers that have clamped down on their budgets during the recession. More»

(AP) - Starbucks Corp. plans to slash nearly 7,000 more jobs during a new round of store closures and other cuts, the company said as it reported that its profit dropped by more than two-thirds in its fiscal first quarter. The coffee chain plans to close 300 underperforming stores around the world—including 200 in the US—by the end of the fiscal year in addition to the 600 US stores it began closing this summer. More»