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Yahoo To Write Down As Much As $34M For Layoffs

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Jun 19, 2009 4:22 pm US/Pacific

Yahoo To Write Down As Much As $34M For Layoffs

SUNNYVALE (CBS 5 / AP) ―

Click to enlarge 1 of 1: Yahoo headquarters in Sunnyvale.
AP

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Yahoo Inc. said laying off nearly 700 workers will cost between $30 million and $34 million in severance pay and other related expenses.

The layoffs, which affect about 5 percent of Yahoo's workers worldwide, were announced in April.

They were the first significant cuts since new CEO, Carol Bartz, joined Yahoo in January, but mark the Sunnyvale-based company's third round of reductions in the past 16 months.

Yahoo said it will also gain between $7 million and $8 million related to forfeited stock and options. In all, the company says it expects to write down $22 million to $27 million in the current second quarter.

Yahoo disclosed the charges in a Securities and Exchange Commission filing Friday.