The economy continues to weaken and jobs are being lost in a variety of sectors, even the once-immune internet space.
Yahoo says it will cut more than 1,000 jobs to keep costs down. Layoffs were expected, but these are more cuts than previously expected. CEO Jerry Yang saying:
"While we will continue to face headwinds this year, we believe that the moves we are making will help us exit 2008 stronger and more competitive and return to higher levels of operating-cash-flow growth in 2009."
Those 1,000 employees facing pink slips would probably agree that Yahoo should have accepted Microsoft's buyout bid earlier this year.
Yahoo is not alone in making cuts. Troubled retailer Circuit City (NYSE: CC) is weighing broad cuts. Real estate internet firm Zillow.com says it will cut 25% of its workforce as there is likely less need for its online home valuation tools when homeowners don't want to know how much the value of their home has fallen. Even adult entertainment company Playboy is announcing job cuts.
The pace of layoffs also is increasing. In the past two months we've had job cuts announced at EDS, Whirlpool, Gannett, and Superior Industries. Notice that those companies are in entirely different industries.
[...] website who offers many home valuation tools and local real estate information, is laying off 25% of its work force. This layoff is coming as less home owners are interested in the value of their homes due to the [...]
January 29, 2009 at 11:55 am
Phil
Wow Ed, 400 new rocks to live under? That's remarkable. Reality is going to hurt.
October 21, 2008 at 2:15 pm
Hillbilly ED
Brian we are glad that we are not in your orbit, I live down South, notice the capitol "S" to show reverence, our little town has at least 400 new units under construction and we choose not to participate in the malase in your world. Come on down here and forget the hurry-up lifetyle of ny-dc, notice the lower case letters to show disrespect.
Ed
October 20, 2008 at 6:28 pm
chuck
Yeah Brian I've been seeing the same constinant pattern.
Now with a small mall,like Pemberton Mall,which is owned by CBL Associates,as of this weekend,R.W.,the mall propetier has announced a a cinema operator,Wilcox Cinemas of Bastrop,La. Question many locals have raised about this old mall which CBL has either neglected or exploiting as tax write off,why hasn't it been shut down? Now R.W. doesn't have such good rep within community. I can tell you there are a lot of vacant mall slots from stores like FYI which left after Hurricane Katrina. Mostly this has been due to high rent issues.
Now that CBL has attracrted new cinema operator for thier old spot at the back of the mall,will Wilcox Cinemas make a return when the cinema opens in mid-November. As an experinced movie buff,I made a prediction that whoever the cinema operate is-may have a difficult time keep the locals from going to the satellite communities outside of Jacksnon ms to see the better movies. Becouse for over two years now since Village Entertainment left,it opened the market here to move toward Madison,Flowood,Pearl and Ridgeland. Now the trend in cimenas is going back to the box cinemas and the stadium cinemas. What was going to be interesting is to see how Wilcox Cinemas will fair in this recessionary evinvoriment and the fact it has to compete to get the locals back.
Now the old mall is a terrific marker to see which retail businesses are going to close.
October 20, 2008 at 11:15 am
David
Hold on, if Obama is elected we will see far more layoffs as small businesses are buried under a huge tax burden. Big companies will layoff even more.
Get ready for Jimmy Carter 2, double digit unemployment, double digit inflation, double digit interest rates.
Paulson and company have the body of the free market and capitalism staked down to the ground for Obama to deliver the death blow.
Socialism (marxism in costume) destroys freedom and the American way.
October 20, 2008 at 11:06 am
A. Longo
Tought week last week. We saw Redfin & Zillow announce cuts. Hopefully this slows or stops soon. We are shifting our real estate model to survive & grown in these market conditions - time will tell.
October 20, 2008 at 10:48 am
Jim Campbell
I'm looking for people who desire to join my team and create the American dream for themselves, SELF EMPLOYMENT…...LikeSoup.com
October 20, 2008 at 9:21 am
aboutthis blog
Brian Sullivan joined FOX Business Network (FBN) in April 2008 as an anchor. He co-anchors the 10am-12pm ET hours of the FOX Business block.
Prior to joining FBN, Sullivan served as an anchor for Bloomberg Television where he hosted the programs Morning Call and In Focus.
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Slowing real estate market affecting internet
[...] website who offers many home valuation tools and local real estate information, is laying off 25% of its work force. This layoff is coming as less home owners are interested in the value of their homes due to the [...]
Phil
Wow Ed, 400 new rocks to live under? That's remarkable. Reality is going to hurt.
Hillbilly ED
Brian we are glad that we are not in your orbit, I live down South, notice the capitol "S" to show reverence, our little town has at least 400 new units under construction and we choose not to participate in the malase in your world. Come on down here and forget the hurry-up lifetyle of ny-dc, notice the lower case letters to show disrespect. Ed
chuck
Yeah Brian I've been seeing the same constinant pattern. Now with a small mall,like Pemberton Mall,which is owned by CBL Associates,as of this weekend,R.W.,the mall propetier has announced a a cinema operator,Wilcox Cinemas of Bastrop,La. Question many locals have raised about this old mall which CBL has either neglected or exploiting as tax write off,why hasn't it been shut down? Now R.W. doesn't have such good rep within community. I can tell you there are a lot of vacant mall slots from stores like FYI which left after Hurricane Katrina. Mostly this has been due to high rent issues. Now that CBL has attracrted new cinema operator for thier old spot at the back of the mall,will Wilcox Cinemas make a return when the cinema opens in mid-November. As an experinced movie buff,I made a prediction that whoever the cinema operate is-may have a difficult time keep the locals from going to the satellite communities outside of Jacksnon ms to see the better movies. Becouse for over two years now since Village Entertainment left,it opened the market here to move toward Madison,Flowood,Pearl and Ridgeland. Now the trend in cimenas is going back to the box cinemas and the stadium cinemas. What was going to be interesting is to see how Wilcox Cinemas will fair in this recessionary evinvoriment and the fact it has to compete to get the locals back. Now the old mall is a terrific marker to see which retail businesses are going to close.
David
Hold on, if Obama is elected we will see far more layoffs as small businesses are buried under a huge tax burden. Big companies will layoff even more. Get ready for Jimmy Carter 2, double digit unemployment, double digit inflation, double digit interest rates. Paulson and company have the body of the free market and capitalism staked down to the ground for Obama to deliver the death blow. Socialism (marxism in costume) destroys freedom and the American way.
A. Longo
Tought week last week. We saw Redfin & Zillow announce cuts. Hopefully this slows or stops soon. We are shifting our real estate model to survive & grown in these market conditions - time will tell.
Jim Campbell
I'm looking for people who desire to join my team and create the American dream for themselves, SELF EMPLOYMENT…...LikeSoup.com