Yahoo Inc, responding to a slowdown in Internet advertising, were to begin cutting jobs yesterday, a person familiar with the plans said.
The firings, announced in October, represent about 10 percent of the work force at Sunnyvale, California-based Yahoo.
The company aims to cut costs by about US$400 million a year and may also pare its contract workers.
Yahoo is fighting to reverse profit declines at a time when customers are trimming advertising budgets amid a global recession.
Profit slumped 64 percent last quarter from a year earlier. Growth in the US Web advertising market may fall below 20 percent this year for the first time since 2002, Collins Stewart PLC said.
Brad Williams, a company spokesman, didn’t return phone messages seeking comment.
Yahoo is seeking a replacement for CEO Jerry Yang (楊致遠) after the company rejected a US$47.5 billion takeover offer from Microsoft Corp this year.
However, a person familiar with the matter said the company was still weeks away from naming a successor to Yang, and the Internet company has yet to narrow down a list of candidates.
A replacement for Yang probably won’t be announced until next month or even later, said the person, who declined to be named because the discussions are private.
The Wall Street Journal reported on Monday that former Vodafone Group PLC chief executive Arun Sarin was among the people being considered.
An informal group of Yahoo board members is leading the search and is considering other executives before discussing selections with the rest of the board, the newspaper reported. The directors have authorized checking references on a few candidates, it said.
Yahoo has also talked to Time Warner Inc about buying that company’s AOL business, and Yang has said he’s open to a new takeover offer from Microsoft.
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