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Yahoo to lay off 4 percent workforce

12-15-2010 08:27 BJT

SAN FRANCISCO, Dec. 14 (Xinhua) -- Yahoo confirmed Tuesday that it will lay off 4 percent of its workforce, up to around 560 employees, after weeks of speculation.

It's the second round of firing after Chief Executive Officer Carol Bartz, who joined Yahoo in January 2009, made a larger round of cuts last year and shut down underperforming websites.

"Today's personnel changes are part of our ongoing strategy to best position Yahoo for revenue growth and margin expansion and to support our strategy to deliver differentiated products to the marketplace. We'll continue to hire on a global basis to support our key priorities." the company said in a statement, according to technical blog TechCrunch.

"Yahoo is grateful for the important contributions made by the employees affected by this reduction. We are offering severance packages and outplacement services to these employees." the statement added.

Bartz has promised to increase the Yahoo's profit margins to 24 percent by 2013 while the number remains at 12 percent during the first nine months of this year. Last year, the company was surpassed by Facebook as the top seller of on-line display ads in the United States.

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Editor:Zheng Limin |Source: Xinhua

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