YHOO: Yahoo announces 3Q earnings, and lay offs

Yahoo announces 3Q earnings, and lay offs

On October 21, 2008 Yahoo! announced its third fiscal quarter earnings results. The earnings release brought tough news for investors: Earnings fell to $0.03 per share, down 64% from the same quarter in 2007, and Yahoo! announced that at least 1,500 workers (roughly 10% of their work force) would be laid off. The company's bottom line was hurt by a number of one-time charges during the quarter. Without these costs Yahoo executives said the company would have earned $.09 per share, in line with analysts' estimates.

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