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SAN FRANCISCO : Yahoo said Tuesday it will trim its employee ranks by 1,000 in "targeted reductions" meant to bolster the struggling Internet giant's bottom line.
Yahoo co-founder and chief executive Jerry Yang revealed plans to reduce its workforce of approximately 14,300 people by seven percent by mid-February.
Yang said the job cuts will be accompanied by heavy capital investments aimed at making Yahoo the preferred launch point for Internet surfers and advertisers.
"Rather than across the board cuts, we will make targeted reductions," Yang said while discussing Yahoo's freshly-released fourth quarter fiscal results with analysts and reporters.
The California company has been vexed by sluggish revenue growth despite launching a new online advertising platform a year ago and having hundreds of millions of users worldwide.
Yahoo reported its profits dipped to US$206 million in the final three months of 2007 but still topped expectations by Wall Street analysts.
Yahoo said it earned 15 cents per share in its final fiscal quarter of 2007 as compared with 19 cents per share, or 269 million dollars, in the same period a year earlier.
Financial analysts had predicted Yahoo would earn approximately 11 cents per share in the final quarter of 2007.
Yahoo reported its revenues for 2007 climbed eight percent to US$1.8 billion as compared to revenues in the prior year.
However, Yahoo's net income for 2007 was US$660 million, or 47 cents per share, as compared to US$751 million, or 52 cents per share, in 2006. - AFP/ch
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