It seems like the rumors are true, Internet giant Yahoo! announced that it’s laying off 700 staff members because of the bad results of the first quarter of this year, this number forms 5% of the total 13,500 Yahoo! staff. Some news reports suggest that the actual number is 600, and that laid off employees have been already informed.
This is not new to Yahoo!, last year 2,500 employees were laid off, the scary question is, is it going to stop here? We all hope so.
According to a report on Yahoo Finance, Yahoo’s fortunes have been declining since 2005 as Google is dominating the search engine advertising business, in addition to new advertising spaces like Facebook and MySpace. The report also said that Yahoo earned $118 million, or 8 cents per share, during the first three months of the year. That represents a 78 percent drop from net income of $537 million, or 37 cents per share, in the year-ago period.
