Yahoo Tops Street's View, Said It Will Cut 5% of Jobs

[The Coach]

Yahoo (YHOO: 14.38, n.a., n.a.%) posted a better-than-expected quarterly profit on Tuesday, but said it plans to cut 5% of its work force as the tech giant attempts to end its three-year slump.

In its first quarter with new CEO Carol Bartz at the reins, Yahoo’s net income was $118 million, or 8 cents per share, compared to $537 million, or 37 cents per share, in the same period of 2008. 

Excluding one-time items, Yahoo posted a first-quarter profit of 15 cents per share, widely topping estimates for a profit of 8 cents.

However, Yahoo’s revenue excluding traffic acquisition costs was $1.16 billion, slightly lower than expectations.

"Yahoo is not immune to the ongoing economic downturn, but careful cost management in the first quarter allowed our operating cash flow to come in near the high end of our outlook range," Bartz said in a statement.

Yahoo’s stock inched higher in after-hours trading.

Sunnyvale, Calif.-based Yahoo also announced plans to cut 600 to 700 workers, or 5% of its work force, and pledged to take other unspecified cost-cutting measures. The company said it expects to notify employees about job cuts over the next two weeks.

“There are still very dark clouds on the horizon” for the economy, Yahoo CFO Blake Jorgensen told Reuters. He also told the wire service the layoffs will “provide some additional flexibility for hiring in key areas that we want to invest.”

Looking ahead, Yahoo! said it sees second-quarter revenue of $1.425 billion to $1.625 billion. The company also said it expects non-GAAP pre-tax operating income in the range of $375 million to $425 million for the second quarter.

“While we experienced pressure in both display and search advertising in the first quarter, we believe Yahoo! remains one of the most compelling advertising buys on the Internet,” Bartz said. “With our leading audience properties, substantial reach and innovative advertising solutions, we are confident Yahoo! will be well positioned when online brand advertising resumes its growth.”

Separately, chip maker Advanced Micro Devices (AMD: 3.308, n.a., n.a.%) reported a deeper-than-expected quarterly loss Tuesday. The Intel (INTC: 15.36, n.a., n.a.%) rival lost 66 cents per share in the first quarter as its revenue fell 21% to $1.18 billion.

Analysts polled by Thomson Reuters expected a loss of 63 cents per share on $983.82 million in sales.

AMD said it sees revenue falling in the second quarter, citing the weak economy, limited visibility and “historical season patterns.”

[The Coach]

Surprised no one responded to this especially since Obama said jobs would be created and saved.

[OzmO]

There are 100 of thousands of people newly applying for unemployment every month this year and you post Yahoo job cuts and why no one has commented when a politician promised to create more jobs and save them?

BTW:  McCain said nothing about creating and saving jobs?

[The Coach]

There are 100 of thousands of people newly applying for unemployment every month this year and you post Yahoo job cuts and why no one has commented when a politician promised to create more jobs and save them?

BTW:  McCain said nothing about creating and saving jobs?

Which re-enforces my point about what Obama promised. BTW, McCain isn't president.

[OzmO]

Which re-enforces my point about what Obama promised. BTW, McCain isn't president.

So do you think that if McCain was president no one would have been laid off?  No one would have been filling for Unemployment?   At this time?

[BM OUT]

So do you think that if McCain was president no one would have been laid off?  No one would have been filling for Unemployment?   At this time?

Yes,I think if McCain was president there would be less people out of work,the economy would be better off.Do you think McCain would keep dumping money into failed companies?Do you think he wouldnt allow banks to pay back stimulous money?Just leaving things alone would have helped more then the stimulous and the idiotic omnibus bill.

By the way,Obama said once his plan passed you would see Catapillar hiring back workers.Seen how thats going?

[The Coach]

So do you think that if McCain was president no one would have been laid off?  No one would have been filling for Unemployment?   At this time?

People file for unemployment at ANYTIME, the question is would it have kept rising at this rate if he would have became president.

[OzmO]

People file for unemployment at ANYTIME, the question is would it have kept rising at this rate if he would have became president.

You know what i meant.

So would it have?

[The Coach]

You know what i meant.

So would it have?

No, I don't think so.

[OzmO]

No, I don't think so.

You really believe that?  That unemployment wouldn't have risen had McCain be elected? 

Why?


BTW:  I'm not a big fan of these bail outs.

[Mons Venus]

Plain and simple: The Bush administration screwed this country over. Obama is stuck (not Sticky  ) with cleaning up Bush's mess!

A real "Sticky" mess I might add.  

[The Coach]

You really believe that?  That unemployment wouldn't have risen had McCain be elected? 

Why?


BTW:  I'm not a big fan of these bail outs.

Hold on, I never said it wouldn't have risen, I said not at the rate it currently has been.

[OzmO]

Hold on, I never said it wouldn't have risen, I said not at the rate it currently has been.

Ok, so why not at the current rate it is?  At what rate do you think it would rise?

[The Coach]

Ok, so why not at the current rate it is?  At what rate do you think it would rise?

If I knew that I wouldn't be on here posting

All I know is Obama promised a big turn around after the stimulis was passed (said it while addressing Catapiller I believe) and it's done just the opposite.

[OzmO]

If I knew that I wouldn't be on here posting

All I know is Obama promised a big turn around after the stimulis was passed (said it while addressing Catapiller I believe) and it's done just the opposite.

I would think that takes some time to happen. 

My question is why do you think the unemployment rate would be lower with McCain as president at this same time?

[Mons Venus]

If I knew that I wouldn't be on here posting

All I know is Obama promised a big turn around after the stimulis was passed (said it while addressing Catapiller I believe) and it's done just the opposite.

Having a personal trainer NOW is not recommended. Disposable income should be saved.

[240 is Back]

All I know is Obama promised a big turn around after the stimulis was passed (said it while addressing Catapiller I believe) and it's done just the opposite.

Do you have the quote where Obama promised a big turnaround?  What timeline did it list?

I've seen quotes from Obama saying it will be a tough and long turnaround.  While unemployment is up, we all know that is trend-based and results from demand, so it's always going to lag behind improved economic preformance.

We also know that since the Stim bill passed, the DOW has gone up for, um, 6 straight weeks.

A turnaround in confidence and spending (which we're seeing with the DOW improvement) leads to more demand for labor, which helps create new jobs.

Do you have the obama quote?

[Deicide]

Do you have the quote where Obama promised a big turnaround?  What timeline did it list?

I've seen quotes from Obama saying it will be a tough and long turnaround.  While unemployment is up, we all know that is trend-based and results from demand, so it's always going to lag behind improved economic preformance.

We also know that since the Stim bill passed, the DOW has gone up for, um, 6 straight weeks.

A turnaround in confidence and spending (which we're seeing with the DOW improvement) leads to more demand for labor, which helps create new jobs.

Do you have the obama quote?

yur a fcking commie lib!

[Soul Crusher]

You were cheerleading that this will create "4 Million Jobs" for weeks. 

 

[240 is Back]

You were cheerleading that this will create "4 Million Jobs" for weeks. 

It will.  Over 18 months.  Just as Obama said.  Why are you judging the results after 6 weeks?

[The Coach]

Do you have the quote where Obama promised a big turnaround?  What timeline did it list?

I've seen quotes from Obama saying it will be a tough and long turnaround.  While unemployment is up, we all know that is trend-based and results from demand, so it's always going to lag behind improved economic preformance.

We also know that since the Stim bill passed, the DOW has gone up for, um, 6 straight weeks.

A turnaround in confidence and spending (which we're seeing with the DOW improvement) leads to more demand for labor, which helps create new jobs.

Do you have the obama quote?

Here ya go.......


Caterpillar Workers Oppose Stimulus, Despite Obama's Visit, Implausible Promises
The House just passed the stimulus package with no Republican support, and eight "no" votes from Democrats.

Rep. Aaron Schock, whose llinois district is home to Caterpillar, spoke on the floor about the president's speech to his constituents and their telling response. Caterpillar has been a central part of Obama's stimulus pitch the past couple of days, but the pitch has been bumbled, as the rest of the stimulus message has been. Obama claimed the Caterpillar CEO told him he'd be rehiring some of his 22,000 laid-off workers as soon as the stimulus bill was passed, but Owens later flatly contradicted the President's claim.

Schock's constituents were urged by the president himself to tell Schock to vote "yes," but he was not approached by one constituent, Caterpillar employee or otherwise, asking him to support the stimulus. Democrats can pass this monstrosity because they control both houses, but they should never get away with painting criticism of it as unreasonable or purely partisan. Criticism comes from every quarter— even from laid-off workers who are subject to an onslaught of the president's patented Promises of an Implausible Nature and Grandiloquence of Economic Gloom:


I found it very interesting that after the president finished his speech and I stayed around, not one employee at that facility approached me and asked me to vote for this bill. In fact, I have received over 1,400 phone calls, e-mails, and letters from Caterpillar employees alone asking me to oppose this legislation

http://www.weeklystandard.com/weblogs/TWSFP/2009/02/caterpillar_workers_oppose_sti_1.asp


Just as an addition to this story......Caterpiller layed off even more and I'm pretty sure it as after the stimulis was passed.

[Bindare_Dundat]

Do you think McCain would keep dumping money into failed companies?

YES HE WOULD! There are handfull of politicians that wouldn't. He aint one of them.

[Soul Crusher]

YES HE WOULD! There are handfull of politicians that wouldn't. He aint one of them.

If McCain came out against the bailout, he would be president right now. 

[OzmO]

If McCain came out against the bailout, he would be president right now. 

He wouldn't be able to to do that.  In his campaign it would have been a straight lie.  And then now, he'd be bailing out like a good little old socialist.

It cracks me up to a certain extent that someone could say (not you) that unemployment would be less under McCain but not be able to state why.

[Soul Crusher]

It will.  Over 18 months.  Just as Obama said.  Why are you judging the results after 6 weeks?

Ok.  Lets do some basic math.  This does not include the job losses.  Since the stimilus was passed well over a month ago, he has 17 months left. 

That is to my estimation 235,294 net new jobs a month under your scenario. 

Lets redo the math next month???