Yahoo (YHOO) Going Forward With "Drastic" Layoffs--Source

Henry Blodget | January 27, 2008 6:18 PM

A source close to Yahoo reports that Jerry Yang has decided to go forward with aggressive layoffs. The source believes the layoffs will be announced on the company's conference call this week and that the final number will be likely be in the 1,500-2,500 range we reported last weekend, rather than the "hundreds" reported in the NYT and elsewhere. 

The source believes that the list of names was being finalized over the weekend and that some of the soon-to-be-terminated employees will not be told until February 12th. 

Based on the 20% bounce in Yahoo's stock price at the end of last week, we suspect news of the layoffs has already been partially incorporated into the price. Layoffs of more than 1,500 would be an incremental surprise (bad from the perspective of whacked employees, good from the perspective of investors). We estimate the financial impact of a range of headcount reductions here.

New: Yahoo Earnings Preview: A Mercifully Low Bar

See Also:
Yahoo Layoffs: Estimating the Financial Impact
Yahoo Mass Layoff Confirmed, Exact Number TBD
Yahoo: More Details on Potential Mass Firings
Tip: Yahoo May Cut 1,500-2,500 Jobs Within Two Weeks
Fat Yahoo Finally Cutting Bloat...Slowly
Yahoo Layoffs: Drumbeat Grows Louder
Yahoo Turnaround Step 2: Layoffs

Henry Blodget
hblodget@alleyinsider.com

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That is so sad they plan job cuts across the board without researching the situation first. Maybe Yahoo execs were unwilling to hear what an outside analyst might have to say about who really needs to be fired there. Must be even more demoralizing to employees that already have to dread the upcoming quarterly report to find out their fates. How lame is that move by Yang anyway? Is he going to appease stock holders by making them decide the future of hundreds of his employees? That is really sending the wrong message and portrays very weak leadership skills. This plan to fix the gaping holes in their titanic operation by patchwork is equally lacking. Of course, you can't really do an complete overhaul on a huge rickety rig as it barrels down the info superhighway. Seems replacing a few key parts is what's really needed. It's the million dollar salaried insiders with tons of stock and options, who control Yahoo that are are to blame and need to be canned, not the people that actually run the company day to day. This lack of common sense amongst Yahoo's leaders is going to be their ultimate downfall. Yahoo is a company that has a major identity crisis going. Let's be ones to point out again, like many of the people on their family oriented porno website Flickr, the emperor has no clothes.
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Well as the saying goes desperate times blah blah blah. No one is sold on Jerry’s ability to lead so he needs to prove himself and this helps, it shows he can make the tough decisions needed. I am a long time large stock holder because I was once employed by Yahoo, but I am pissed and tired of the mistakes. Yahoo should be worth much more per share if only the lame management team could execute. Cannot wait to hear the plan on Tuesday, but let’s just say I am not holding my breath!!!! Come on Microsoft make your bid public!!!

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