Kara Swisher has more details on the coming AOL layoffs:
- About 100 layoffs today
- Then, possibly, a voluntary buyout program across the company (a smart move by Tim Armstrong, which will ease the sting of yet another mass firing)
- Then a big layoff, the culmination of the cost-cutting “Project Everest”, that will cut about 1,000 employees
Kara thinks the big layoffs will be done in conjunction with the spinoff, which is said to be set for mid-December. We had heard chatter that they might extend into next year. From a morale and fresh start perspective, the sooner the better.
All told, it sounds like the cuts would amount to about 1,500 employees, depending on the size of the buyout. Our estimate based on a back-of-the-envelope look at the numbers was 2,000. While you never want to root for more cuts, we just hope Tim cuts deep enough that he and AOL never have to do this again.