Oct
23rd
Yahoo Inc has announced a 64% drop in its net income at $54.3 million for the third qaurter this year and will slash 1,500 jobs from its global workforce. Yahoo has been losing its ground on the Internet to companies like Google, Myspace and Facebook and the economic slowdownhas hurt the firm particularly hard as advertisers cut back on spending. Yahoo expects to reduce its global workforce by 10% during the fourth quarter of 2008. Yahoo, which had 14,300 employees at the end of June, announced in January that it would cut 1000 jobs this year.
