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Verizon lays off more Yahoo/AOL employees after another drop in revenue

Accepted submission by Freeman at 2019-12-11 18:37:28 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. []

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