Search engine Yahoo announced it would lay off 1,000 employees by mid-February, even as it reported fourth quarter earnings Tuesday that beat expectations. During the company's conference call with analysts, chief executive Jerry Yang warned that the company faces "headwinds" this year and confirmed the upcoming layoffs, which had been rumored for the past week. Yang said the company would make the job cuts as part of a "workforce realignment." The company has 14,300 total employees. The stock plunged more than 10% after-hours on the news.
See "Yahoo disappoints, to cut jobs", Michal Lev-Ram, CNN Money, January 29, 2008