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Verizon this week is laying off another 150 staffers from the Verizon Media division that includes the Yahoo and AOL subsidiaries, according to a CNN report.
[...]The latest layoffs are less extensive than a major round of job cuts in January 2019.
[...]Verizon purchased Yahoo for $4.48 billion in June 2017 and AOL for $4.4 billion in June 2015.
[...]In December 2018, Verizon said in a Securities and Exchange Commission filing that it had "experienced increased competitive and market pressures throughout 2018 that have resulted in lower-than-expected revenues and earnings," and that "[t]hese pressures are expected to continue." Verizon at the time recorded a non-cash goodwill impairment charge of about $4.6 billion, wiping out nearly all of the Yahoo/AOL division's goodwill value.
In Q3 2019, the most recent quarter, Verizon reported media-division revenue of $1.8 billion, down two percent year over year.
[...]
Verizon Media CEO Guru Gowrappan said last month that the company is focused on growing the division's advertising, subscriptions, and e-commerce businesses, according to the CNN report.
(Score: 3, Informative) by fyngyrz on Thursday December 12 2019, @09:47PM (1 child)
...and they just destroyed the utility of Yahoo Groups, dumoing all the group content, whereupon pretty much everyone migrated over to another service, taking their money — and their eyes — with them.
I'm sure that'll help a lot with their value. </rolleyes>
You'd think they'd have looked for a way to monetize them instead of dumping them, but hey, obviously they know what they're doing, hence the huge profits. Hello? Profits?
Oh.
Never mind.
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Things that tell the truth: [small children,drunk people,yoga pants]
Things that tell lies: [politicians,breast implants,selfies]
(Score: 2) by Bot on Thursday December 12 2019, @10:00PM
They know what they are doing. Their CEO is a Guru.
Account abandoned.