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Thursday, June 7, 2012

Yahoo Laid off 2,000 Workers

Troubled Yahoo has been forced into laying off 1/7 of its total global workforce (significant 14%). Industry experts admit that most likely the cuts won’t stop there.

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Yahoo has already axed around 2,000 employees throughout its numerous branches, and the online giant has warned that more may well be yet to come. Yahoo’s Chief Executive Officer Scott Thompson is on the warpath to slash unnecessary debts and decided to do so by shaking the corporation by the collar in so-called “restructuring”.

The company explained that it should save about $375 million annually from laying off the workers. Meanwhile, it is still unclear whether it is coincidence that, since Yahoo is in financial strife, it is also at odds with another online giant – Facebook – which is preparing for an IPO, and looking forward to a large cash settlement.

At the same time, Yahoo’s advertising has been losing out to both Facebook and Google. According to Bloomberg’s report, Scott Thompson faces a struggle against investor Third Point LLC that already owns almost 6% of Yahoo. The company is looking to place 4 of its own nominees (among whom there is Chief Executive Officer Daniel Loeb) onto the board called “sorely in need” of restructuring. The great idea, it has been suggested, is a fire sale.

Everyone understands that the atmosphere can’t have been rosy at the online giant over the last few years. Despite the fact that Yahoo still boasts of being the most popular Internet portal in the United States, it has been under flak for poor management from former Chief Executive Officer Carol Bartz and founder Jerry Yang, who left the building a while ago.

If you recall the latest Yahoo’s attempts to cooperate, you will remember that the possibility of a deal with Chinese Alibaba also fell through.

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