Yahoo Cuts: Fourth Time in Three Years
Yahoo is cutting about 5 percent of its work force. Most of the downsizing is expected to take place in their products division. This marks the fourth round of cuts in three years at Yahoo, according to IT World. That amounts to a loss of somewhere between 600 and 700 workers.
Like many one-time Internet wonders, Yahoo seems to have hit a wall in generating revenue. Its stock price also has been somewhat stuck as of late. This is at a time when its main online advertising competitor, Google, continues to thrive.
The suite of sites operated by Yahoo's products group, if combined, would constitute the fourth most popular site on the web. These sites include their finance, sports, and news portals. Popularity, however, does not always translate neatly into profit when it comes to online ventures. The products division has been run by Blake Irving, who came to Yahoo last April from Microsoft's Windows Live Platform.
Yahoo's chief executive officer Carol Bartz has spent the last couple of years in an effort to turn the company around financially.