Yahoo cuts 1,000 jobs to ‘invest in future’
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Yahoo announced plans to cut 1,000 jobs Tuesday – its largest layoff since the dot-com bust – as the economic slowdown and fierce competition from Google buffeted its Internet advertising business.
Yahoo’s strategy involved becoming a one-stop Internet portal, featuring everything from mail to finance. Google copied Yahoo, but added superior technology, focusing first on lucrative Internet search advertising and later offering highly praised mail and finance, as well as productivity applications and other features. Yang said he was optimistic about the future. “We are not tinkering around the edges,” Yang told analysts Tuesday afternoon. “We are making significant, and what we believe are game-changing, investments in Yahoo’s future.”
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