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Rumor: Yahoo! (YHOO) Will Cut 3,000 Jobs Or $850 Million
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This should be put in the "rumor" file immediately because it is based on one anonymous source inside Yahoo!.
Yahoo!’s (YHOO) new CEO, Carol Bartz, has told her board that she does not need outside help from consultants to restructure the company. Previous CEO Jerry Yang had brought in Bain.
Bartz’s early look at Yahoo! has made her believe that she needs to make cuts of as many as 3,000 people or $850 million. The company employs about 12,000. Since these numbers are not equivalent, one of them must be incorrect. Bartz will make sharp cuts whether a search deal with Microsoft (MSFT) is completed or not.
The same source also said that Yahoo! premium display advertising is running down 25% from the first quarter of 2008.
None of this has been confirmed by a second party.
Douglas A. McIntyre
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