Yahoo, Inc., also feeling the heat of third quarter losses announced plans to cut 10% of its workforce, about 1,500 employees, as it works to cut costs in anticipation of a continued downturn in profits. Yahoo let 1,000 workers go in February of this year as well, but replaced them and in fact added 400 positions within several months. Analysts say that Yahoo seems more serious about the cuts this time around ? they have hired Bain & Co. consulting to review expenses and efficiency, and according to chief executive Jerry Yang, are looking to move work overseas, consolidate offices and streamline management. Yahoo was offered a buyout by Microsoft at $33 a share earlier this year but prices have dropped to about $12, a five-and-a-half year low.
See "Yahoo to cut 10% of workforce as profit declines", Jessica Guynn, Los Angeles Times, October 21, 2008