Jerry Yang's memo - 10% of you are fired
Following yesterday's earnings announcement (below), Yahoo co-founder and chief executive Jerry Yang sent staff a memo. It announces the aim to cut costs, with Yang saying: "because compensation expenses are the single largest part of our costs, we anticipate a reduction of at least 10% of our global workforce by year-end."
affected employees will be notified of layoffs in the next several weeks. we understand that hearing this news now creates uncertainty, but we are moving ahead in a way that balances speed with a clear focus on accomplishing what is necessary to set the organization up for long term success. going forward it will continue to be important for us to make the right decisions to keep our business efficient and strong.
(Life is so tough at Yahoo! that the boss can't even afford capital letters...)
With 14,300 employed at the end of last quarter, that means at least 1,430 are losing their jobs in 2008. And Yang indicated there could be further cuts in 2009.
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