1,500 Layoffs at Yahoo!

SAN FRANCISCO, October 22:
Following a third-quarter profit plunge from $151 million to $54 million, on
flat revenues of $1.8 billion, Yahoo! is making a 10-percent cut in its
15,000-member workforce.

“An increasingly
challenging economic climate and softening advertising demand contributed to
revenues this quarter coming in at the low end of our outlook range,” said CFO
Blake Jorgensen. “While we are disappointed with our results, we’re pleased
that we continue to benefit from the aggressive cost management efforts we have
pursued during the year.”

The Internet company is
looking to reduce its costs by more than $400 million before the end of the
year, primarily by cutting 10 percent of its workforce during the fourth
quarter.

—By Mansha Daswani