| Title | Verizon Lays Off More Yahoo/AOL Employees after Another Drop in Revenue | |
| Date | Thursday December 12 2019, @09:04PM | |
| Author | janrinok | |
| Topic | ||
| from the slow-spiral-of-death dept. | ||
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.
| Links |
printed from SoylentNews, Verizon Lays Off More Yahoo/AOL Employees after Another Drop in Revenue on 2024-04-25 19:27:29