Yahoo Profits Slip; To Cut 1,000 Jobs
After a fairly challenging year, struggling web media company Yahoo posted a 23 percent decline in fourth-quarter earnings and announced plans to cut 1,000 jobs, or roughly 7 percent of its total headcount.
Net income for the quarter was $206 million, or 15 cents per share, down from $269 million, or 19 cents per share, last year. Revenue climbed 8 percent from last year to $1.83 billion.
Despite its cost-cutting plans, CEO Jerry Yang maintains the company is investment mode.
“I strongly believe that increased investment is the only appropriate measure at this time,” Yang said.
Read more: wired.com