Yahoo adds to hi-tech layoffs

Web portal Yahoo was among a number of hi-tech companies which yesterday announced a series of job cuts.

Yahoo's announcement came as it revealed first-quarter financials that were in line with diminished expectations. It said it planned to lay off 420 people, or 12 per cent of its 3510 staff.

Operationally, the company reported turnover of $180.2m for the first quarter ending 31 March, compared with $230.8m for the same period last year, down 22 per cent.

Net income for the quarter, excluding one-time charges, was $7.6m or $0.01 per share. This compares to net income of $60.5m, or $0.10 per share, in 2000.

Meanwhile, Scient said it would make 675 employees redundant, about 52 per cent of its workforce. The company laid off 460 workers in December, amd is blaming cancelled orders for the layoffs.

Lam Research, which hoped to ride out a fall in orders from chipmakers by cutting expenses without layoffs, caved in on Wednesday. It will cut around 550 people by the end of April. Although its third-quarter sales figures were well ahead of last year's, they were down sequentially from the second quarter.

This year's profits were down to $44.4m, or 33 cents a share, compared to $67m, or 48 cents a share, in 2000.

Paradyne, which makes DSL and frame relay products, said it was laying off 10 to 15 per cent of its workforce, or around 50 people. It blamed a softening in the telecoms marketplace and will release more details later this month.