Yahoo's plans to lay off 700 staff, announced in April, will cost the company between US$22m and US$27m, according to a filing with the US Securities and Exchange Commission.Yahoo disclosed plans on 21 April to cut its global workforce of 15,000 by around five percent.
The web firm had until recently been unable to estimate the total charges as a result of the reductions.The SEC document reveals that total pre-tax charges for severance pay expenses and restructuring are between US$30m and US$34m, but that some of the cost will be offset by a stock-based compensation reversal.Yahoo reported net profit of US$118m in the first quarter of 2009, down from US$537m a year earlier.Meanwhile, Yahoo chief executive Carol Bartz spoke at Stanford University on Sunday night about how she liked having Carl Icahn on her board of directors. Icahn led the proxy fight against her predecessor Jerry Yang last year.
Issue: 315 | May 2013
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