|By Fuat Kircaali||
|November 12, 2008 04:00 AM EST||
Please read the news story below filed today by my colleague Maureen O'Gara and think about the once-in-a-life-time lottery ticket this man had last February with Microsoft's acquisition offer, and then again through Carl Icahn's unasked-for help.
He blew it and in my Wikipedia, this man is the dictionary definition of an IDIOT!
This is what this man (this one) deserves. First Icahn should beat him up, literally, He looks like a man who can really beat the s..t out of stupid CEOs. Then the stock holders should sue him for unacceptable stupidity and the judge should ship him to the same vacation paradise where CA's two founders are resting for a while.
It wants to cut $400 million in costs before the end of the year.
After reading Maureen's story, I looked at the Yahoo stock price on my iPhone and remembered his negotiations with Microsoft only this past February
Here is today's O'Gara story on Yahoo's Q3 results:
"Yahoo's net profits were down 64% in Q3 to $54.3 million, four cents a share. This time last year it realized $151.3 million, 11 cents a share.
Revenues were up 1.1% to $1.79 billion, excluding TAC it was $1.325 billion, short of the $1.37 Wall Street estimated. US sales were up 7% and international down 12%.
It says it's going to lay off at least 10% of its people, roughly 1,500 souls, in the next few weeks.
Of course it said that in January but the number on its employee roster didn't stay down and there are those who think 1,500 this time through isn't enough.
Longer-term Yahoo's talking about consolidating facilities, improving procurement and standardizing its global technology platforms,
Yahoo CEO Jerry Yang thinks the layoffs are going to make the company more nimble and flexible.
It's forecasting Q4 gross revenues of $1.77 billion-$1.97 billion, only a 2% gain down from the mid-teens. That means it would seen revenues for the whole year somewhere between $7.18 billion and $7.38 billion where it had been forecasting $7.35 billion to $7.85 billion three months ago.
It confessed its "disappointed" and blamed the economy and softening advertising demand.
Internet display advertising is down and Yahoo doesn't seem to know how to make money from displays ads.
In this respect it's still hoping Google will come to its rescue provided it can get over the Justice Department hump.
Stockholders may cite different reasons."
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