Yahoo cutting its workforce by 4%- 600 people
Yahoo has announced redundancies four times in three years, as it cuts costs to try to lift profits that trail bigger rival Google.
The redundancies also follow after Google recently announced a 10% pay increase for every member of staff.
In 2008 Yahoo rejected a £30 billion bid from Microsoft. Today its market capitalisation – the combined value of its shares – totals aprroximatly £15 billion.
Yahoo said in a statement: “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.”
The company’s revenues have risen by less than 2% so far this year, compared with growth of 23% at Google.
Yahoo had 14,100 employees at the end of September.
