Yahoo!, which provides services such as email and a search engine to broadband users, has announced that financial difficulties will result in 1,000 job losses in the company.

Chief executive Jerry Yang announced that forecasts of a difficult year had led to the job losses, after profits in December were down 23 per cent on the previous year.

Mr Yang explained that the move was "a necessary step" in the company's transformation.

"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," he added.

It has been speculated by the Associated Press that changes in broadband use could have led to the company's difficulties, as the popularity of MySpace and Facebook lures away younger customers.

It was recently announced that Yahoo! signed a deal with broadband provider AT&T in the USA, which will involve shared revenue from the provision of mobile internet to 70 million customers across the States.

Wednesday, 30th January 2008

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