After announcing a sharp drop in fourth-quarter profits on Tuesday, Yahoo issued a disappointing outlook for this year, suggesting that investors would have to wait until next year for a turnaround.
Yahoo also said that as part of its plan to revive its fortunes, it would cut 1,000 jobs by the middle of next month to reduce costs and narrow its focus to its most important businesses.
The company, however, said it planned to invest aggressively in some areas, like advertising technology and selected portions of its Internet portal, as it tries to capture a larger share of online ad dollars. Since the company said laid-off employees could apply for new jobs, the net effect on the company's work force, which recently grew to 14,300, was not clear.
Chief executive Jerry Yang (
Yahoo executives said those projections were largely independent of the slowdown in the US economy, noting that it was too early to predict whether weak financial, travel and housing sectors would hurt online advertising.
In a sign of growing impatience, investors reacted negatively to the announcements, which were made after the markets closed. In after-hours trading, Yahoo shares fell more than 10 percent, to levels not seen in more than three years.
Yahoo said its fourth-quarter net income fell to US$206 million, or US$0.15 a share, down 23 percent year-on-year. Revenues grew 8 percent to US$1.8 billion.
Yang has promised to focus on three objectives: becoming a starting point for the most consumers on the Web; making the company a top choice for marketers seeking to place ads on sites across the Web; and opening Yahoo's technology infrastructure to third-party programmers and publishers.
Authorities have detained three former Taiwan Semiconductor Manufacturing Co (TMSC, 台積電) employees on suspicion of compromising classified technology used in making 2-nanometer chips, the Taiwan High Prosecutors’ Office said yesterday. Prosecutors are holding a former TSMC engineer surnamed Chen (陳) and two recently sacked TSMC engineers, including one person surnamed Wu (吳) in detention with restricted communication, following an investigation launched on July 25, a statement said. The announcement came a day after Nikkei Asia reported on the technology theft in an exclusive story, saying TSMC had fired two workers for contravening data rules on advanced chipmaking technology. Two-nanometer wafers are the most
Tsunami waves were possible in three areas of Kamchatka in Russia’s Far East, the Russian Ministry for Emergency Services said yesterday after a magnitude 7.0 earthquake hit the nearby Kuril Islands. “The expected wave heights are low, but you must still move away from the shore,” the ministry said on the Telegram messaging app, after the latest seismic activity in the area. However, the Pacific Tsunami Warning System in Hawaii said there was no tsunami warning after the quake. The Russian tsunami alert was later canceled. Overnight, the Krasheninnikov volcano in Kamchatka erupted for the first time in 600 years, Russia’s RIA
CHINA’s BULLYING: The former British prime minister said that he believes ‘Taiwan can and will’ protect its freedom and democracy, as its people are lovers of liberty Former British prime minister Boris Johnson yesterday said Western nations should have the courage to stand with and deepen their economic partnerships with Taiwan in the face of China’s intensified pressure. He made the remarks at the ninth Ketagalan Forum: 2025 Indo-Pacific Security Dialogue hosted by the Ministry of Foreign Affairs and the Prospect Foundation in Taipei. Johnson, who is visiting Taiwan for the first time, said he had seen Taiwan’s coastline on a screen on his indoor bicycle, but wanted to learn more about the nation, including its artificial intelligence (AI) development, the key technology of the 21st century. Calling himself an
South Korea yesterday said that it was removing loudspeakers used to blare K-pop and news reports to North Korea, as the new administration in Seoul tries to ease tensions with its bellicose neighbor. The nations, still technically at war, had already halted propaganda broadcasts along the demilitarized zone, Seoul’s military said in June after the election of South Korean President Lee Jae-myung. It said in June that Pyongyang stopped transmitting bizarre, unsettling noises along the border that had become a major nuisance for South Korean residents, a day after South Korea’s loudspeakers fell silent. “Starting today, the military has begun removing the loudspeakers,”
RSS