Yahoo has confirmed that as part of a reshaping effort, approximately 2,000 people will be notified of job elimination or phased transition. I understand business but in a jobs market that is this fragile you hate to hear things like this.
Today’s actions are an important next step toward a bold, new Yahoo! – smaller, nimbler, more profitable and better equipped to innovate as fast as our customers and our industry require. We are intensifying our efforts on our core businesses and redeploying resources to our most urgent priorities.
Yahoo! expects to realize approximately $375 million of annualized savings upon completion of all employee transitions. The company currently expects to recognize the majority of an estimated $125 to $145 million pretax cash charge relating to employee severance in its second quarter financial results. The company may incur additional charges in connection with this action (i.e. litigation).
Yet another round of layoffs by some company, when you look at the number of talented people being laid off from both the tech and gaming industry, one would think that combining that talent in some manner is just an opportunity waiting to happen.