Yahoo Profits Slip; To Cut 1,000 Jobs

by admin January 29, 2008 at 11:27 pm

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.

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