Yahoo to cut around 1000 jobs

Internet giant Yahoo is finding itself in a financial mess as they have now announced plans to cut around 1000 jobs.

Yahoo Chief Executive Jerry Yang spoke about this announcement: “This is a necessary step in our transformation.”

The company has just come out with their revenue report and they posted a 23 percent decline in its fourth-quarter profit.

Yahoo earned around $205.7 million during the quarter which is a disappointment when compared to earnings of $268.7 million in the same period previous year.

Yang added: “While we will continue to face headwinds this year, we believe that the moves we are making will help us exit 2008 stronger and more competitive and return to higher levels of operating cash flow growth in 2009.”