Yahoo says report of 20 percent in layoffs 'misleading'

2010-11-12 09:38
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SAN FRANCISCO  – Yahoo Inc said a media report that it was planning to cut 20 percent of its workforce was "misleading and inaccurate," but the Web portal stopped short of ruling out any layoffs.

Yahoo, which is trying to revive its revenue growth amid competition from search giant Google and fast-growing social networking services like Facebook, said in an emailed statement on Thursday that it is "always evaluating expenses to align with the company's financial goals."

"However, a 20 percent reduction in Yahoo's workforce across the board is misleading and inaccurate," the statement said.

A report on the technology blog TechCrunch on Friday, citing two anonymous sources, said that Yahoo was planning to lay off 20 percent of its staff.

Yahoo finished the third quarter with 14,100 employees, compared with 13,200 employees at the same time a year ago.

The company's revenue grew 2 percent year-over-year to $1.6 billion in the third quarter.

In an update on its website, TechCrunch said it is sticking by its story based on its sources.