Yahoo to Lay Off 600 to 700 Workers

By on Dec 14, 2010 in Internet, Stock Market Comments

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SAN FRANCISCO – According to different internet news reports, Yahoo Inc. is apparently preparing to lay off 600 to 700 employees triggered by Yahoo’s slow growth.

Report also says that according to Yahoo’s anonymous personnel, employees could be notified as early as Tuesday. Yahoo’s formal announcement is not yet made.

Yahoo has about 14,100 employees; the plan is to mass lay off 5 percent of the present work force. This will be the 4th Yahoo mass lay off in the past three years.

This report was also reported by two popular tech blogs, TechCrunch and All Things Digital, one month ago.

Yahoo’s earning is not as promising as Google, a competitor in internet ad business, who got revenue climbed to 23 percent which is nearly $21 billion for the first nine months. Facebook is not disclosing their earnings but it is evident that they are also a gainers. Facebook has just recently acquired a larger headquarters as reported earlier.

Yahoo’s stock price fell 31 cents to close Monday at $16.70, a few cents below where it ended last year.

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