Yahoo Put’s on a Happy Face as Cuts Start
After reporting a loss of 64% in earnings for the third quarter, Yahoo will cut 10% of its workforce or approximately 1,500 employees. Yahoo cut 1,000 jobs earlier this year has lowered it projected earnings for 2008. Chief Executive Jerry Yang still believes Yahoo has the right strategies in place to grab its share of internet ads when the advertising market rebounds.
An optimistic Yang said “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.”
More Info:
CNet article here
AP article here
LA Times article here
Access the Yahoo earnings release here
Springsteen Signs On for Super Bowl Halftime Show
Bruce Springsteen and the E Street Band have signed on for what has to be one of the worst gigs possible, the Super Bowl halftime show. NBC and the NFL announced the booking for Super Bowl XLIII over the weekend. The Super Bowl will be on February 1st in Tampa this season.
Springsteen is a safe bet for the show, with aging fans still packing his concerts. Plus, the election will be over so NBC won’t have to worry about any political statements… unless maybe Bruce doesn’t like who wins.
More Info:
Read the Variety story here
