SAN FRANCISCO (Reuters) - Yahoo Inc YHOO.O plans to cut about 1,000 jobs, or around 7 percent of its 14,000 employees, as part of an ongoing restructuring of the company, its chief financial officer said on Tuesday.
“Our outlook contemplates a workforce realignment of approximately 1,000 people that we will be implementing in mid-February,” CFO Blake Jorgensen told investors on a conference call to discuss Yahoo’s recent results and outlook.
Jorgensen said the company expects to record a cash charge of $20 million to $25 million during the first quarter of 2008 that is not included in the company’s stated outlook.
Earlier, Yahoo forecast first-quarter revenue, excluding upfront payments to affiliated sites, of between $1.28 billion and $1.38 billion. Operating income in the quarter is expected to range from $400 million to $500 million, it said.
Reporting by Eric Auchard, with additional reporting by Michele Gershberg in New York; Editing by Braden Reddall