Acknowledging that “some blogs” reported potential major layoffs at Yahoo (YHOO) over the weekend, the NYT follows up two days later with its own version of the story–which is almost the same.
The number of mass firings has yet to be determined, the NYT confirms, but says it will probably be in the hundreds rather than the 1500-2500 reported by “some blogs.” Sounds like Yahoo brass is eager to reassure the troops that as much as one-fifth of the company won’t suddenly be shown the door. (Our source, meanwhile, responds by saying the 1,500-2,500 may be achieved via multiple cuts over time or attrition).
The NYT’s Miguel Helft:
Company executives are still trying to determine exactly which areas will be cut. One person close to the discussions said a final plan, or perhaps a few alternative plans, would be submitted to the company’s board at a coming meeting. The plan’s final shape may be influenced by the company’s fourth-quarter financial performance, this person said.
(Not to question the strength of the NYT’s sources, but it’s January 21st, three weeks after the quarter ended. The company knows exactly what its fourth-quarter financial performance was).
We think Yahoo should cut about 1,200 jobs. Jeff Lindsay at Bernstein wants to see 2,000+. The company will likely announce the final number on the Q4 conference call. Unless it is announced earlier by “some blogs.”
(Kevin Delaney at the WSJ, meanwhile, was gracious enough to mention us by name. Thanks, Kevin!)
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