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Yahoo posts profit decline, to cut thousands of jobs

It will trim its workforce by at least 10%

10:53 am on Oct 22, 2008 (gmt 0)

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Chief Executive Jerry Yang said during a conference call with analysts that the job eliminations are only part of a broader cost cutting plan, which also includes selling real estate and moving employees to low-cost areas such as Eastern Europe and Asia.


Yahoo! Inc., the Internet company that rejected a takeover offer from Microsoft Corp., reported a 64 percent drop in profit and announced plans to cut at least 10 percent of its staff after advertising spending slowed.