Yahoos to cut 10 percent of staff as profits are down

Yahoo are to lay off at least 10 percent of its staff before the end of the year, following reports that the search engine giant’s third-quarter profits are down. This will form part of Yahoo’s $400 million cost cutting plan.

Yahoo is also implementing a number of other measures, all to help the company achieve structural efficiencies. Yahoo’s revenue for the third-quarter increased by just one percent to $1.768 billion, this is compared to the same time in 2007.

Net income came in at $54 million, which is 4 cents per share, which is down from $151 million, 11 cents per share for the same time last year. This will be Yahoo’s second wave of layoffs, when they had to let go of a 1,000 workers back in February.

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