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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.
Techonomics

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.
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Verizon purchased Yahoo for $4.48 billion in June 2017 and AOL for $4.4 billion in June 2015.
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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.

https://arstechnica.com/information-technology/2019/12/verizon-lays-off-another-150-people-in-struggling-yahooaol-division/ [arstechnica.com]


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