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NEWS > BUSINESS > YAHOO ANNOUNCES MASSIVE JOB CUTS, EMPLOYEES LEFT OUT TO YANG

yanged!

YAHOO ANNOUNCES MASSIVE JOB CUTS, EMPLOYEES LEFT OUT TO YANG

October 22 2008

Sunnyvale, CA – With a massive 64 per cent drop in profits for the third quarter, Yahoo! has announced a massive across the board slashing of 10 per cent of all jobs, putting 1500 people out of work. With the downturn in the economy causing job prospects to look dim, many feel that founder Jerry Yang is primarily to blame.jerry yang

“We all know that the company has had some issues lately and we all knew that Google was taking over the advertising business, but we had an out,” said one of the now fired employees who preferred to remain anonymous. “I’d be gainfully employed right now if they had taken the offer. Most of us feel like we’ve been left out to hang, or more accurately Yang.”  

It was only a few months back when Redmond based Microsoft tendered a $38 per share offer to purchase Yahoo! which was roundly rejected by CEO Jerry Yang and the board of directors. Since that rejection shares in the company have been in freefall, having dropped nearly 50 per cent this year, today closing at $12.55.

“While it’s possible these cuts might not have happened if Yahoo has been in Microsoft’s stable, but there is no way to guarantee that,” said Scrape TV business analyst Ken Green. “Google has a stranglehold on the advertising market and if another company is able to wrest that away from them it certainly wouldn’t happened quickly enough to salvage this quarter. The cuts likely would still have happened but this gives people a convenient target. There is little doubt that Yang and his board has done a slipshod job in managing the company over the last few years and the rejection of Microsoft is just one more slip up in a line of slip ups.”homeless man in the depression

Only a few weeks ago Microsoft repeated their disinterest in renewing talks to acquire the one time web search darling. With the shares collapsing and profitably being steadily eroded, the future of the pioneering company seems cloudy at best.

“For the past few years their inability to compete with Google and their diminishing share in the search market has caused a serious decline in the value of the company,” continued Green. “The drama between the two companies was just one more embarrassment for Yang. Now, with the company having been proved absolutely wrong in their rejection, it may be that they have Yanged the entire company, employees and shareholders alike.”

The new moniker itself though may provide some financial relief for the affected parties with small businesses sprouting up in an effort to exploit the situation. T-shirts, hats, and other merchandise with the Yanged logo are becoming a more regular occurrence in and around Sunnyvale.yahoo headquarters

“Yang and the board will get a massive payout no matter what happens,” concluded Green. “If the people who actually have to go out to work and make a living exploit this little descriptive, well then more power to them. I think it’s unlikely that something like this could do much damage to Yang’s reputation. I frankly think there’s little that can be done to hurt people’s respect for him at this point, barring some criminal act of course.”

We contacted Yahoo! offices for comment but our calls were not returned.  

William Ashford, Business Correspondent

NEWS > BUSINESS > YAHOO ANNOUNCES MASSIVE JOB CUTS, EMPLOYEES LEFT OUT TO YANG

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