Yahoo starts sacking 10 percent of its workforce

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Yahoo has today begun giving out the pink slips to many of its employees who are affected by the 10 percent job cuts , most of them over at Yahoo’s US operations, according to the company. The cuts, according to its spokesperson, said that the cuts are from a number of areas within Yahoo, but did not mention which area got most of the cuts.

This is part of a plan to reduce annual expenses by $400 million by the end of the year. It is also planning, according to CNET News, to consolidate facilities, moving some of its business to areas that cost less to operate, shutting down parts of its business and putting others in “maintenance-only” mode to cut down its spending, which is at $3.9 billion before the cuts.

It is also the second jobs cull from Yahoo this year, with a previous one happening in February after its poor results in the last quarter of last year (Q4 2007), cutting 1,000 jobs.

It stocks closed on $13.40, an increase of $1.21, or 9.93%.

View the full YHOO chart at Wikinvest

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