Yahoo announces over 2000 layoffs

Yahoo officially announced that they are going to cut more than 2,000 employees, equivalent to 14% of its global workforce, while making a major step to reshape the company’s future. 

Thus, the company is expecting to claim annual savings of $ 375 million (285.5 million Euros) after the layoffs.

This will be their first short listing under the command of Scott Thompson, the new CEO of the dot-com. According to him it has been
considered to be a major action toward creating the new Yahoo by creating a company smaller, agile, profitable and better equipped to innovate at the speed demanded by the industry.

Thompson, who led PayPal electronic payment service of eBay before joining Yahoo, said that resources should be devoted to more urgent priorities.

"Unfortunately, achieving this objective requires taking the hard decision to eliminate positions," He bemoaned.

There’s little arguing that Yahoo has a workforce of 14,000 employees. The wave of layoffs, which takes in anticipation for a couple of weeks, is the first step in the restructuring process of the dot-com,
one of the most recognized brands in the world. The company, however, lags far behind in the electronic advertising business to Google and is completely unhooked the phone.

Thompson believes that the foundation of this company is solid and revealed that when he took over, Yahoo! He wanted to give the users a magical experience of their services. “The ultimate goal of
restructuring, details to be announced is growing faster response to customer needs and compete more effectively in areas where we can win." He said

Yahoo is planning to present their quarterly reports on April 17, where there will be more details available on the financial impact of restructuring. Currently it is anticipated that the burdens associated with
the layoffs will be up to $ 145 million before tax (just over 110 million Euros).

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Posted by Farasat Ali on Apr 4 2012. Filed under Sci-Tech. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry