Yahoo Inc said Tuesday it is laying off one percent of its workforce, or some 130 employees, in the latest job cuts. News of Yahoo’s latest layoffs come hours before the Web media company is due to report fourth-quarter financial results after Tuesday’s market close.
“The latest cuts are part of the company’s strategy to position itself for net revenue growth and margin expansion, and Yahoo will continue to hire to support key priorities” Yahoo spokeswoman Dana Lengkeek told Reuters in an email statement.
On Dec 2010, Yahoo said it will cut 4 percent of its workforce, as the struggling Web portal adjusts its operations to revive revenue growth.
Yahoo struggles to compete with Google and Facebook. On the contrary, Google Senior Vice President of Engineering and Research, Alan Eustace announced on the official Google blog that 2011 will be Google’s biggest hiring year ever.
I love Google because of our people. It’s inspiring to be part of the team. And that’s why I am excited about 2011—because it will be our biggest hiring year in company history. We’re looking for top talent—across the board and around the globe—and we’ll hire as many smart, creative people as we can to tackle some of the toughest challenges in computer science: like building a web-based operating system from scratch, instantly searching an index of more than 100 million gigabytes and even developing cars that drive themselves.
According to Reuters, Yahoo’s share were down roughly 1 percent, or 13 cents, at $15.96, in afternoon trading on Tuesday. Google stock was up 0.9 percent at $616.75.