Ya­hoo an­nounces first round of lay­offs

The Pak Banker - - BUSINESS -

Ya­hoo Inc an­nounced it will lay off 107 em­ploy­ees in the first of what is ex­pected to be more than 1,500 job cuts.

The lay­offs take ef­fect April 11 and af­fected em­ploy­ees re­ceived 60-day ad­vance no­tice of the move, Ya­hoo said in a no­tice filed with the Cal­i­for­nia Em­ploy­ment De­vel­op­ment Depart­ment. The lay­offs were spread across a range of de­part­ments and job ti­tles. Ya­hoo shares closed up 1 per­cent at $27.10 on Wed­nes­day and are down about 18.5 per­cent so far this year.

Ya­hoo Chief Ex­ec­u­tive Of­fi­cer Marissa Mayer said dur­ing the com­pany's fourth quar­ter earn­ings call this month it will cut roughly 15 per­cent of its work­force as part of a strat­egy to re­vamp its core In­ter­net busi­ness.

Ya­hoo had about 11,000 em­ploy­ees as of June 30, ac­cord­ing to its web­site, down from a Dec. 31, 2014, to­tal of about 12,500 full-time em­ploy­ees and what it called fixedterm con­trac­tors.

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