Yahoo Inc. will lay off about 600 employees -- four per ccent of its workforce -- as the struggling Web portal adjusts its operations to revive revenue growth. Most of the layoffs will be in its product group. The company will continue to hire globally to support key priorities, it said in a statement. The cuts come nearly two years into the tenure of Chief Executive Carol Bartz. Yahoo has managed to boost profit margins under Bartz's watch, but revenue growth has stalled and page views at Yahoo's network of websites declined four per cent year-over-year in the third quarter. While Yahoo remains one of the world's most popular online destinations, the Web portal is facing increasing competition from Google Inc and social networking powerhouse Facebook.
No comments:
Post a Comment