Yahoo is to cut ten per cent of its global workforce, after profit plunged, the web search and services firm said.
In its quarterly report, Yahoo said it would shed ten per cent of its workers – about 1,500 – as part of cost cutting measures started last quarter, largely because the majority of its expenses are related to staff.
The firm’s quarterly income fell to $54 million (£33.3 million) from $131 million (£80.86 million) in the same period last year.
Yahoo said its revenue was $1.8 billion (£1.11 billion) for the third quarter, effectively flat from the same quarter last year. While revenue in the US increased seven per cent on-year, international revenue slid 12 per cent.
“An increasingly challenging economic climate and softening advertising demand contributed to revenues this quarter coming in at the low end of our outlook range,” said Blake Jorgensen, Yahoo's chief financial officer.