More jobs will be cut at Yahoo Inc as the company is now keeping to the cost saving course. Yahoo announced its plans to further cut is global workforce by 5% and the first quarter results. The Internet company showed weak performance in both display ads and search ads. But the revenue decrease was compensated by better cost control.
"People were really looking at the profit structure of the business and for things not to be falling apart," said Kaufman Brothers analyst Jason Avilio.
Apart from this announcement the company also notified its employees in the internal memo on Tuesday that it will implement a mandatory shutdown of operations during the holiday week of December 25, 2009 through January 1, 2010.
Excluding traffic acquisition costs (TAC), Yahoo's revenue was $1.16 billion against analysts’ expectations of $1.2 billion. A net profit in the first quarter stood for $118 million, or 8 cents a share as compared with down from $537 million, or 37 cents a share in the previous year.