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Advertising Authors: Melih Oztalay, Shelly Palmer, Matthew Lobas


Yahoo! Hits the Wall; 1000 Jobs To Go!

Search giant plans to cut 7% of its workforce

Weaker-than-expected ad spending in the financial, travel and retail areas led to a 23% decline in fourth-quarter net income for Yahoo! to $205.7 million, or 15 cents a share, from $268.7 million, or 19 cents, a year earlier, the company said yesterday. It announced its first layoffs since 2001: 7% of its workforce will need to go!

By restructuring in this way, the company hopes - according to chairman Jerry Wang - to return to growth in 2009. Yang said in a conference call.

"This is a pivotal time for Yahoo's business and we have a unique window of opportunity right now to make the necessary, game-changing investments," Wang said in a statement.

The cutting of 1,000 of its 14,300 employees would start in February, Yahoo! said.

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