Yahoo's shrinking workforce: CNET News Video
CNET News Video: Yahoo's shrinking workforce2:12 /
More bad news for Yahoo as the Internet pioneer laid off 1,500 employees on Wednesday. CNET's Kara Tsuboi reports on who is being cut and why.
[ music ] ^m00:00:04 >> I don't know if... I'm gonna be leaving home early today, and I'm sure some of my colleagues will be. So yeah, I mean it's a sad day. >> I agree with the cuts even though it could affect me. >> Kara Tsuboi: Most Yahoo employees were keeping quiet, claiming not to know much information of the nature of the layoffs. In his corporate blog posts, Lame-Duck CEO, Jerry Yang said "the reductions we're making are very hard but they are also very necessary as we focus on the long term health of our business. To those who are leaving us, I extend my heartfelt thanks of behalf of Yahoo's everywhere. You will be missed." By no measure has 2008 been a kind year to the Sunnyvale based company. >> I struggled with the Microsoft influence to bid to buy out the company, followed by that going nowhere and then having Icon come in threatening to take out the existing board and wait to proxy and having Carnell part of the board as part of a settlement offer. And then having the DIJ basically deep six their plans to do the... switch advertising deal with Google. >> Kara Tsuboi: Which of course, led to Yang's resignation and the current search for his replacement. >> Maybe by 2009, on very short order we should see a new CEO at Yahoo, or shortly after the start of the year. >> Kara Tsuboi: Many investors say they'd like to see Microsoft and Yahoo re-enter negotiations, which could be tough in this economy. >> It won't be surprising at all to see Yahoo nor a number of other companies, have to go through yet another round of layoffs. >> Kara Tsuboi: The only bits of good news for Yahoo employees on Wednesday afternoon, were free tacos and job openings; both courtesy of Talk Box, a San Francisco startup. >> We only have about... maybe 5 or 6 roles to fill, but we know Yahoo has a lot of great employees that they're gonna have to let go. >> Kara Tsuboi: In the last two months more than a dozen Silicon Valley based companies have laid off thousands, close to tens of thousands of employees. Add Yahoo to that long list, and it's fifteen hundred unemployed to the increasingly competitive job market. In Sunnyvale, I'm Kara Tsuboi, CNET dot com. [ music ]