Yahoo to lay off around 1,500 workers

Yahoo to lay off around 1,500 workers

Rumors are confirmed as Yahoo has announced that they would be cutting around 1500 jobs in their worldwide operations.

This job cut would mean that the company would get rid of 10% of their entire workforce.

The company has just come out with their latest revenue report and the numbers are not good.

Yahoo revealed that their revenues in the quarter were around $1.79 billion. The operating income was just around $70 million.

Yahoo said that they are now aiming to cut its current annual costs of about $3.9 billion by more than $400 million before the end of the year.

Jerry Yang, co-founder and chief executive officer of Yahoo said: “The steps we are taking this quarter should deliver not only near-term benefits to operating cash flow, but should also substantially enhance the nimbleness and flexibility with which we compete over the long term.”