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Yahoo! to cut jobs
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November 15, 2001: 1:14 p.m. ET
The Internet portal will cut 400 workers in a company-wide restructuring.
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NEW YORK (CNN/Money) - Yahoo! Inc. said Thursday it is cutting 400 jobs, or about 13 percent of its work force.
Yahoo! President Jeff Mallett announced the cuts, part of a company-wide restructuring plan, saying they would mostly be made in the company's international and broadcast operations and in middle management.
Mallett, speaking at an analyst meeting, said the company also planned to add jobs in more promising business areas, saying the total net job loss would be about 300 workers.
The Sunnyvale, Calif.-based Internet portal is reeling from a prolonged slowdown in the U.S. and global economies, leading to a dismal advertising market.
Mallett said Yahoo! was eliminating some services on its site, including lifestyle, small business and business-to-business marketplace features, according to the report.
In October, Yahoo!'s third-quarter results met Wall Street expectations, with the Internet media company implementing a number of cost-cutting measures, including laying off hundreds of employees.
Yahoo! CEO Terry Semel said at the time that the company would undergo additional restructuring, which might include additional job cuts.
At the end of third quarter, Yahoo! had 3,256 staffers worldwide, a company spokeswoman said Wednesday.
Shares of Yahoo! (YHOO: Research, Estimates) rose in midday trading, adding to gains made Wednesday when rumors of the job cuts first surfaced.
On Tuesday, Yahoo! said it will start letting advertisers pay to be listed in results generated by the site's search engine.
Yahoo! Wednesday struck a deal with SBC Communications Inc. to jointly provide high-speed Internet access. 
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