Big Plans for new Yahoo CEO
Speaking on a conference call regarding earnings for his first full financial quarter, Yahoo CEO Scott Thompson outlined the company’s latest plans to let go or ‘transition’ at least 50 Yahoo owned properties. This coming after 2000 jobs were terminated on April 4th. In his own words Mr Thompson stated,
“We’re consolidating technology platforms and shutting down on transitioning roughly 50 properties that don’t contribute meaningfully to engagement of revenue.”
Mr Thompson did not divulge which properties would be shut down, but there was word that a number of Yahoo entertainment-based properties were hit hard with sackings earlier this month. Over the duration of the conference call Mr Thompson discussed the company’s strategy to streamline their web properties, he also stated he wouldn’t be satisfied until the company is, “at least growing in line with the market.”
Other strategies Thompson discussed included, utilising all the data Yahoo has collected to provide users with a more personalised experience of the company’s websites; being more pro-active in showing advertisers their return on investment; and focusing on the development of new products and features for the future.
Yahoo’s profit from last quarter increased by 28% from a year earlier to $286 million, this was helped by proving results at Alibaba Group Holding Ltd, a China based company that Yahoo holds minority stakes in. However the company’s revenue rose by only 1% to 1.22 billion, which could be a result of the continuing decline of display advertising sales.
Thompson left listeners wondering if he was the man to get Yahoo back in the game with these final words,
“The Q1 progress I’ve shared with you should make clear that we intend to move fast. In our industry, unbelievable innovation happens at a lightning fast pace. We must get back to moving at that pace, and Q1 was just the beginning. Yahoo! must be nimble, responsive and act with a real sense of urgency. We have to think and to move like a growth company. Yahoo! moving forward will be centered around delivering for our customers. I am determined that our leadership team and organisation will make that happen.”
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