Hammered by a weak online advertising market, Yahoo (NSDQ: YHOO) reported steep drops in net income and revenue during the first quarter and, as expected, announced another wave of layoffs — this time, five percent of its workforce.
Results were largely in line with expectations. The company posted net income of $118 million ($0.08 per share), down 78 percent from the $537 million ($0.11 per share) recorded during the same period a year ago. Revenue for the company’s first fiscal quarter dropped 13 percent to $1.58 billion, from $1.8 billion a year ago. On average, analysts had expected earnings per share of $0.08 cents and revenue of $1.63 billion.
As of March 31, Yahoo had 13,500 employees — so the latest round of layoffs could mean that as many as 675 Yahoo employees will lose their jobs.
{"source":"https:\/\/gigaom.com\/2009\/04\/21\/419-earnings-yahoo-net-income-down-78-percent-will-cut-five-percent-of-work\/wijax\/49e8740702c6da9341d50357217fb629","varname":"wijax_e745eb445897a6614e3cd5c71afde5e8","title_element":"header","title_class":"widget-title","title_before":"%3Cheader%20class%3D%22widget-title%22%3E","title_after":"%3C%2Fheader%3E"}