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22 Jun 2009
Yahoo's plans to lay off 700 staff, announced in April, will cost the company between $22m and $27m (£13m and £16m), according to a filing with the US Securities and Exchange Commission.
Yahoo disclosed plans on 21 April to cut its global workforce of 15,000 by around five per cent. The web firm had until recently been unable to estimate the total charges as a result of the reductions.
The SEC document reveals that total pre-tax charges for severance pay expenses and restructuring are between $30m and $34m, but that some of the cost will be offset by a stock-based compensation reversal.
Yahoo reported net profit of $118m (£72m) in the first quarter of 2009, down from $537m (£327m) a year earlier.
Meanwhile, Yahoo chief executive Carol Bartz spoke at Stanford University on Sunday night about how she liked having Carl Icahn on her board of directors. Icahn led the proxy fight against her predecessor Jerry Yang last year.
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