Following a drop in profits, Yahoo! says it will cut 1,000 (out of 14,300) jobs by mid-February and narrow its focus to its most important businesses. According to The New York Times:
Jerry Yang, the chief executive, warned investors of "head winds" this year. Yahoo's projections for revenue growth and profitability in 2008 were either at the low end of analysts' expectations or below them.
Yahoo executives said those projections were largely independent of the slowdown in the United States economy, noting that it was too early to predict whether weakness in the financial, travel and housing sectors would hurt online advertising.
Candidates for the chop include "photos, podcasts and a largely unsuccessful social network".
