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The New York Times reports that Yahoo is cutting hundreds of jobs this year.
Yahoo is planning to lay off hundreds of employees in an effort to increase its profitability, prop up its deflated stock price and narrow the focus of its sprawling Internet portal to a smaller number of crucial areas, people close to the company said Monday.
The announcement is supposed to be made official within the next few days, and according to reports, it's still unknown at this time who will get the axe and who will remain at the company.
One thing, however, is that it looks like this is just the beginning of a trend at many Internet companies, according to a forum member.
I suspect such layoff notices may become a common occurance for many Internet companies over the next few months.
Is the bubble about to burst? I don't know ... look at Google's stock and tell me:
Forum discussion continues at WebmasterWorld.
Comments:
David Saunders
01/22/2008 09:35 pm
They can replace them with Aaron Wall and his wife and get going up again
This Guy
01/22/2008 11:07 pm
I'm not too sure about this bubble theory... The whole market is going down, not just the internet companies. I don't know, maybe I'm just missing something here.
Praveen
01/23/2008 12:24 pm
Maybe this has got to do with the US economy slowing down and the dollar losing its value. But the same is not true for emerging economies and for countries like India/China. In India, there is always a demand for skilled ppl and companies are hiring people almost regularly with the salaries increasing with every year. Maybe this is just for the companies based out of US? Maybe
No Name
01/24/2008 02:27 pm
I think it's just a cycle- things going good, hire as many as you can and use benefits and outragouse packages. Things go bad - even apparently bad and start cutting jobs and departments to save money on all those overflated benefits and packages. The internet business has few places to cut - your not going to cut expansion or new tech [ you die]. Your not going to let the investors down - again you die. Your certianly not going to see the big wigs take a cut in pay so that only leaves one group - the employees.