Yahoo is set to cut more than 10% of its workforce after the company’s net income for the quarter fell below projected earnings.
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Yahoo’s business continued to falter in the third quarter, and the company said Tuesday that it would cut about 10 percent of its work force, or about 1,400 workers, in the current quarter to reduce costs.
Yahoo said that its net income for the quarter fell 64 percent, to $54 million, or 4 cents a share, from $151 million, or 11 cents a share, a year earlier. Excluding the cost of stock options and other items, income was $123 million, or 9 cents a share, compared with 11 cents a share a year ago.