Yahoo said to mull layoffs
Internet portal expected to detail new cost-cutting efforts when it reveals third-quarter results - report.
NEW YORK (CNNMoney.com) -- The Internet portal Yahoo Inc. is weighing additional layoffs as it mulls cost-cutting measures, according to a published report Monday.
Yahoo (YHOO, Fortune 500) was expected to add more job cuts to the 1,000 that it already announced back in January, The Wall Street Journal reported. Since that time, the company has offset the job cuts with new job hires.
The Sunnyvale, Calif.-based company is expected to detail its cost-cutting efforts when it announces third-quarter earnings after the closing bell Tuesday.
Earnings expectations are lackluster. A consensus of analysts interviewed by Thomson FirstCall projects a 7% increase in revenues, to $1.37 billion, and a 21% plunge in earnings, to 9 cents per share.
Many investors have lost faith with Yahoo since it rejected a $47.5 billion takeover attempt from Microsoft (MSFT, Fortune 500) back in May. The company has lost more than 50% of its value since then, with the stock sinking to a 5-1/2 year low last week at $11.37.
Shareholders seem to think that leadership is the problem. At the annual company meeting in August, about 40% of the shareholders opposed the re-election of Chairman Roy Bostock, and 34% wanted to eject Chief Executive and co-founder Jerry Yang from the board.
Microsoft is scheduled to announce third-quarter earnings Thursday, after the close. A consensus of analysts interviewed by Thomson FirstCall projects that revenue will increase 7% to $14.8 billion and earnings will rise 5% to 47 cents per share. 
-
Broadway star Scarlett Johansson is selling her L.A. pad for $2 million less than she paid. More -
Former Merrill Lynch CEO John Thain is being asked to work his magic on small business lender CIT. More -
Lenders are collecting from owners like Vanessa Corey even after a short sale or foreclosure. More -
The $10 electronic hamsters were last year's monster hit. Meet the encore. More -
Former Fed chief has been the "designated goat" for Wall Street. No more. More -
A sculpture recently sold for a record price. See the 5 most expensive works of art. More
