Yahoo! bends to job cut craze

NEWS The web portal said it will axe around 400 of its 3,510 employees. Yahoo! reported net income of 10 cents per share on turnover of $230m. Net loss for the first quarter was $11.5m, or two cents a share, compared with net income of $67.6m, or 11 cents a share, for the same period last year. First Call's survey of analysts had predicted breakeven earnings for Yahoo! in this quarter. But while the earnings news was positive, the news of layoffs was followed by the announcement during the company's conference call with analysts and the press that its head of international operations, Heather Killen, will leave the company in June. Killen will be the fourth international executive to leave Yahoo! this year. During the past quarter Yahoo! lost the heads of its Canadian and European operations, as well as the VP of Asian operations. The company also reported that no replacement has been found for outgoing CEO Tim Koogle, though the company remains confident that a suitable replacement will be found.