Yahoo Inc is cutting about 400 positions at its Bangalore, India, offices and is offering more than 40 percent of affected employees jobs in the US, a person familiar with the matter said.
About 1,100 people were working in Bangalore, according to the person. The shift is part of chief executive officer Marissa Mayer’s effort to bring teams together to improve the quality of Yahoo’s products, the person said.
“As we ensure that Yahoo is on a path of sustainable growth, we’re looking at ways to achieve greater efficiency, collaboration and innovation across our business,” the company said in an e-mailed statement. “We’re making some changes to the way we operate in Bangalore leading to consolidation of certain teams into fewer offices. Yahoo will continue to have a presence in India and Bangalore remains an important office.”
Mayer, who oversaw more than 12,000 employees globally as of June, is seeking more efficiencies at Yahoo as she looks to invest in services to drive more revenue.
Mayer, who has been working to turn around the Web portal since July 2012, faces increasing pressure to reveal how she plans to shore up its core online advertising business.
Last month, activist investor Starboard Value LP urged Yahoo to stop making acquisitions and to consider breaking itself up or combining with AOL Inc.
So far, Mayer’s efforts have failed to narrow the company’s gap in online advertising with Google Inc and Facebook Inc Sales, excluding revenue shared with partner Web sites, declining 2.9 percent to US$1.04 billion in the latest quarter.
On Tuesday, US President Donald Trump weighed in on a pressing national issue: The rebranding of a restaurant chain. Last week, Cracker Barrel, a Tennessee company whose nationwide locations lean heavily on a cozy, old-timey aesthetic — “rocking chairs on the porch, a warm fire in the hearth, peg games on the table” — announced it was updating its logo. Uncle Herschel, the man who once appeared next to the letters with a barrel, was gone. It sparked ire on the right, with Donald Trump Jr leading a charge against the rebranding: “WTF is wrong with Cracker Barrel?!” Later, Trump Sr weighed
HEADWINDS: Upfront investment is unavoidable in the merger, but cost savings would materialize over time, TS Financial Holding Co president Welch Lin said TS Financial Holding Co (台新新光金控) said it would take about two years before the benefits of its merger with Shin Kong Financial Holding Co (新光金控) become evident, as the group prioritizes the consolidation of its major subsidiaries. “The group’s priority is to complete the consolidation of different subsidiaries,” Welch Lin (林維俊), president of the nation’s fourth-largest financial conglomerate by assets, told reporters during its first earnings briefing since the merger took effect on July 24. The asset management units are scheduled to merge in November, followed by life insurance in January next year and securities operations in April, Lin said. Banking integration,
LOOPHOLES: The move is to end a break that was aiding foreign producers without any similar benefit for US manufacturers, the US Department of Commerce said US President Donald Trump’s administration would make it harder for Samsung Electronics Co and SK Hynix Inc to ship critical equipment to their chipmaking operations in China, dealing a potential blow to the companies’ production in the world’s largest semiconductor market. The US Department of Commerce in a notice published on Friday said that it was revoking waivers for Samsung and SK Hynix to use US technologies in their Chinese operations. The companies had been operating in China under regulations that allow them to import chipmaking equipment without applying for a new license each time. The move would revise what is known
Artificial intelligence (AI) chip designer Cambricon Technologies Corp (寒武紀科技) plunged almost 9 percent after warning investors about a doubling in its share price over just a month, a record gain that helped fuel a US$1 trillion Chinese market rally. Cambricon triggered the selloff with a Thursday filing in which it dispelled talk about nonexistent products in the pipeline, reminded investors it labors under US sanctions, and stressed the difficulties of ascending the technology ladder. The Shanghai-listed company’s stock dived by the most since April in early yesterday trading, while the market stood largely unchanged. The litany of warnings underscores growing scrutiny of
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