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शनिवार, दिसंबर 18, 2010

Yahoo's Layoff Cost $33-38 million

Yahoo Inc expects to report $33 million to $38 million in charges related to layoffs it announced earlier this week, the company said in a regulatory filing.

In a filing with the Securities and Exchange Commission Friday, Yahoo said that the charges, which it plans to report mostly in the fourth quarter, are for severance and other costs.

Sunnyvale-based Yahoo said that it would cut its work force by 4 percent as it laid off 600 employees. The cuts followed weeks of speculation about whether a long-running financial funk would spur Yahoo to trim its payroll before the new year.

The company is under pressure to cut costs because its revenue has risen by less than 2 percent so far this year. CEO Carol Bartz has also promised to increase Yahoo's operating profit margin to as much as 24 percent by 2013. The margin stood at about 12 percent through the first nine months of this year.

Reported by TOI

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