Hot off the revelation that Microsoft is no longer interested in acquiring it, search-company Yahoo may be planning to cut as many 3500 jobs by December 10th, mainly in its sales and finance departments. According to an anonymous source who tipped off Valleywag.com, "Finance will be cutting 50% of the workforce, engineering 10%, and sales and the rest of G&A [general & administrative] 25%."
Additionally, Yahoo may be considering cutting severance pay for those laid off, a move which Company Financial Officer Blake Jorgensen has been arguing for. These measures all seem geared at reducing expenditure at the troubled company, which has seen its stock price fall over 60% since the initial Microsoft bid. As of the current writing, Yahoo is trading for just under $13.00 a share.
However, despite the massive upcoming layoffs, Yahoo still isn't afraid to party. Says the tipster: "The company sent an invitation today for the annual holiday party on December 6 (four days before the biggest downsizing in the company's history ~3,500 jobs). The holiday party is held at the San Mateo Convention center with a Las Vegas gambling theme. [It will] cost millions of dollars. Where is the fiscal responsibility?"