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  1. #1
    Merchant & ABW Ambassador
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    Yahoo cutting 1500 positions
    http://biz.yahoo.com/ap/081021/earns_yahoo.html

    It was eBay a few weeks ago. Now Yahoo. Microsoft announced a hiring freeze over the last week or so.

  2. #2
    ABW Founder Haiko de Poel, Jr.'s Avatar
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    Yahoo! Reports Third Quarter 2008 Financial Results Revenues– $1,786 Million

    Operating Income–$70 Million

    Operating Income Before Depreciation, Amortization, and Stock-Based Compensation Expense–$410 Million

    SUNNYVALE, Calif.–October 21, 2008–Yahoo! Inc. (Nasdaq: YHOO) today reported results for the third quarter ended September 30, 2008.

    “As economic conditions and on-line advertising softened in the third quarter, we remained highly focused on our 2008 strategy to invest in initiatives that enhance not only our long term competitiveness, but also our ability to deliver for users and advertisers in this more difficult climate. We have been disciplined about balancing investments with cost management all year, and have now set in motion initiatives to reduce costs and enhance productivity,” said Jerry Yang, co-founder and chief executive officer, Yahoo! Inc. “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. We enter this
    slowing market with competitive advantages as the destination of choice for consumers and a leader in providing online advertisers with the broadest set of advertising management tools and products in the industry. We plan to continue building on those strengths.”

    Third Quarter 2008 Financial Results

    • Revenues were $1,786 million for the third quarter of 2008, a 1 percent increase compared to $1,768 million for the same period of 2007.

    • Marketing services revenues were $1,563 million for the third quarter of 2008, a 1 percent increase compared to $1,544 million for the same period of 2007.
    o Marketing services revenues from Owned and Operated sites were $1,002 million for the third quarter of 2008, a 9 percent increase compared to $923 million for the same period of 2007.
    o Marketing services revenues from Affiliate sites were $561 million for the third quarter of 2008, a 10 percent decrease compared to $621 million for the same period of 2007.

    • Fees revenues were $224 million for the third quarter of 2008, compared to $224 million for the same period of 2007.

    • Revenues excluding traffic acquisition costs (”TAC”) were $1,325 million for the third quarter of 2008, a 3 percent increase compared to $1,283 million for the same period of 2007.

    • Operating income for the third quarter of 2008 was $70 million, a 53 percent decrease compared to $150 million for the same period of 2007.
    o Operating income for the third quarter of 2008 includes incremental costs of $37 million incurred for outside advisors related to Microsoft’s proposals to acquire all or a part of the Company, other strategic alternatives, including the Google agreement, the proxy contest, and related litigation defense (collectively, the “strategic alternatives and related matters”).

    • Operating income before depreciation, amortization, and stock-based compensation expense for the third quarter of 2008 was $410 million, a 12 percent decrease compared to $466 million for the same period of 2007.
    o Operating income before depreciation, amortization, and stock-based compensation expense for the third quarter of 2008 includes the incremental costs related to the strategic alternatives and related matters noted above.

    • Cash flow from operating activities for the third quarter of 2008 was $347 million, a 24 percent decrease compared to $457 million for the same period of 2007.

    • Free cash flow for the third quarter of 2008 was $215 million, a 31 percent decrease compared to $310 million for the same period of 2007.

    • Net income for the third quarter of 2008 was $54 million or $0.04 per diluted share compared to $151 million or $0.11 per diluted share for the same period of 2007.

    • Non-GAAP net income for the third quarter of 2008 was $123 million or $0.09 per diluted share compared to non-GAAP net income of $153 million or $0.11 per diluted share for the same period of 2007.

    “Despite a tougher revenue climate, we were able to stay focused on our strategic objectives, launching several major product initiatives that have been underway for many months,” said Sue Decker, president, Yahoo!, Inc. “These include the beta release of our new home page, which will leverage one code base globally; our new universal profile management tool at profiles.yahoo.com which is the first step toward rewiring the social graph on Yahoo!; and the launch of APT from Yahoo!TM, a transformative digital
    advertising platform. We delivered on our product roadmap with high quality and lower expenses than originally anticipated. Now we are conducting a deep review of our cost structure to identify more opportunities to enhance efficiency and build a stronger and more profitable Yahoo!.”

    Third Quarter 2008 Segment Financial Results

    • United States segment revenues for the third quarter of 2008 were $1,280 million, a 7 percent increase compared to $1,195 million for the same period of 2007.

    • International segment revenues for the third quarter of 2008 were $507 million, a 12 percent decrease compared to $573 million for the same period of 2007.

    • United States segment operating income before depreciation, amortization, and stock-based compensation expense for the third quarter of 2008 was $291 million, a 14 percent decrease compared to $338 million for the same period of 2007.
    o United States segment operating income before depreciation, amortization, and stock-based compensation expense for the third quarter of 2008 includes the incremental costs related to the strategic alternatives and related matters noted above.

    • International segment operating income before depreciation, amortization, and stock-based compensation expense for the third quarter of 2008 was $119 million, a 7 percent decrease compared to $128 million for the same period of 2007.

    “An increasingly challenging economic climate and softening advertising demand contributed to revenues this quarter coming in at the low end of our outlook range. While we are disappointed with our results, we’re pleased that we continue to benefit from the aggressive cost management efforts we have pursued during the year. These efforts helped our adjusted operating cash flow come in above the midpoint of our outlook
    range for the quarter, despite significant investments in our strategic objectives,” said Blake Jorgensen, chief financial officer, Yahoo! Inc. “We have the balance sheet strength, liquidity, and free cash flow we need to continue to make progress on our core strategies as we address this slowdown.”

    Cash Flow Information

    In addition to free cash flow of $215 million for the third quarter of 2008, Yahoo! generated $14 million from the issuance of common stock as a result of the exercise of employee stock options. This was offset by $29 million used for acquisitions and $16 million used to acquire intellectual property rights. Cash, cash equivalents, and investments in marketable debt securities were $3,299 million at September 30, 2008 as
    compared to $3,219 million at June 30, 2008, an increase of $80 million.

    Cost Reduction Initiatives

    During the third quarter, Yahoo! began implementing a series of cost reduction initiatives that contributed to the Company’s adjusted operating cash flow exceeding the midpoint of its outlook for the quarter. The Company’s goal is to reduce its current annualized cost run rate of approximately $3.9 billion by more than $400 million before the end of 2008. The Company anticipates that both headcount and non-headcount related costs will be reduced by these actions. Because the majority of expenses are headcount-related,
    Yahoo! expects to reduce its global workforce by at least 10 percent during the fourth quarter of 2008.
    More
    Continued Success,

    Haiko
    The secret of success is constancy of purpose ~ Disraeli

  3. #3
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    Job cuts happened in 2000 , I guess this happens every 5 to 10 years.

  4. #4
    Newbie joesal's Avatar
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    yahoo had the best keyword research tool. They should have seen the value in it and expanded it. but just like yahoo they didn't see that and Google improved their keyword tool and gained more ground on them.

  5. #5
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    Just why did they refused Microsoft's offer at $33 a share! They are last traded at 12.07

  6. #6
    Newbie mrawesome's Avatar
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    September 10th, 2008
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    survival of the fittest

  7. #7
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    October 22nd, 2008
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    Yeah they definitely should have given in to microsoft.

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