Thursday January 31, 2008 
Thursday January 31, 2008
Yahoo's financial funk deepened at the end of 2007, prompting the slumping Internet icon to draw up plans to lay off as many as 1,000 workers. Yahoo disclosed the upcoming 7% reduction in its 14,300-employee work force Tuesday [29 Jan 2008] while reviewing a 23% drop in fourth-quarter profit and a cautious 2008 outlook.
The bad news sent Yahoo shares skidding to their lowest levels in more than four years. Yahoo shares dropped $2.09, or more than 10%, in extended trading Tuesday. The company's market value has plunged more than 50% since the end of 2005, wiping out $35 billion in shareholder wealth. Yahoo CEO Jerry Yang warned of looming "headwinds," indicating that the company's tortuous turnaround efforts aren't likely to pay off this year. The mass firings represent Yang's most dramatic move yet.
(2008-01-31 12:45:38 SGT)
[Biz]
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