Yahoo Reduces Staff By 4 Percent; Hands Out Pink Slips To Over 500 Employees
Here’s the response:
Today’s personnel changes are part of our ongoing strategy to best position Yahoo! for revenue growth and margin expansion and to support our strategy to deliver differentiated products to the marketplace. We’ll continue to hire on a global basis to support our key priorities.
Yahoo! is grateful for the important contributions made by the employees affected by this reduction. We are offering severance packages and outplacement services to these employees.
From previous reports, Yahoo was rumored to be laying off about 5 percent of its worldwide staff of 14,100 (from October’s third quarter earning results), so it’s good news that cuts are lower than expected.
As we wrote a few hours ago, Yahoo employees have been venting about the layoffs on Twitter and via email. According to anecdotal reports, severance packages appear to be pretty generous to employees.