Despite reporting a decline in quarterly profits, Yahoo’s share prices rose eight per cent after the company announced it would be cutting ten per cent of its 15,000 strong workforce, reports Reuters.The move comes after a slew of redundancies in February, when the firm cut seven per cent of its jobs, approximately 1,000. Chief financial officer Blake Jorgenson saying that Yahoo would be prepared to take the measures further if the economy continued to decline.
A number of other Silicon Valley based companies have also made similar cuts as a reaction to the economic climate.
Yahoo is replacing these losses by hiring extensively from lower wage areas such as Eastern Europe, India and Asia.
Yahoo’s net income for the third quarter dropped from $151 million to $54 million, which the company’s president Susan Decker attributed to a decline in advertising spending across the US, Europe and Asia.
Advertisement
Related Stories
- Yahoo unveils innovative search software for Apple May 24th 2012 at 2:27PM
- Vendor job cuts rumoured to be on the way May 21st 2012 at 1:21PM
- Considering a new career? May 18th 2012 at 1:36PM
- AMD welcomes the new year with staff cuts Nov 9th 2011 at 5:27PM
- Tributes pour in for Jobs Oct 6th 2011 at 9:52AM
- Steve Jobs dies aged 56 Oct 6th 2011 at 1:40AM
- Westcoast backs Microsoft's Britain Works scheme Oct 4th 2011 at 6:34AM
- New job? Tell us about it Sep 5th 2011 at 3:15PM
- Future UK to cut around 100 jobs Jul 15th 2011 at 3:13PM
