The recession continues to hurt revenue at ad-dependent media and online businesses, including Yahoo. The Internet giant said today it would cut another 5 percent of its workforce, or about 700 employees, in an effort to cut costs and ease future investments.
“You’ve had more or less an advertising depression -- what’s encouraging right now is you can see where the bottom is,” Larry Haverty, a portfolio manager with Gamco Investors Inc. in Rye, New York, said in a Bloomberg Television interview. “The company is running very fast in a troubled environment -- they are just not running as fast as Google.”
Yahoo actually met estimates for first-quarter earnings. Moving forward, Carol Bartz--Yahoo's CEO since January--says she's looking to give customers a "wow experience."