Happy Christmas: Yahoo to drop unemployment axe on 600 workers
by Steven Mostyn - Dec 15 2010, 05:25
An entrance some staff won't be using for much longer. Image: Barmala/Flickr.
Bad news for certain Yahoo employees this week after the Internet pioneer announced plans to axe some 600 jobs—a figure that equates to around four percent of its global workforce.
Affected staff began receiving termination notices on Tuesday, according to company spokesperson Kim Rubey, who also said the majority of cuts will mainly impact Yahoo’s product group.
Although Yahoo’s financial standing has improved since CEO Carol Bartz took the reins back in January of 2009, Reuters reports that “revenue growth has stalled” and page views across Yahoo-owned websites are on the decline.
“Today’s personnel changes are part of our ongoing strategy to best position Yahoo for revenue growth and margin expansion and to support our strategy to deliver differentiated products to the marketplace,” explained Yahoo in an official statement.
Although workers in Yahoo’s product group are likely opening their mail in a state of fear, the Internet giant has said it will continue to hire in other areas in order to support key priorities.
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