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After weeks of speculation, Yahoo announced on their fourth quarter earnings conference call that they will indeed be making layoffs, though a specific number was not given, according to CNBC. On-air, CNBC reported that the total number of layoffs is around 1,000. Meanwhile, Yahoo projected financial results for this year that come in below what most Wall Street analysts were projecting, sending shares down more than 10% to reach new lows after hours.
As for the numbers, Yahoo's revenue was up just 8% year-over-year for the quarter to $1.83 billion. Full year revenues grew at the same rate, reaching $6.96 billion. For a full breakdown of Yahoo's results, the company has itemized them in their earnings press release. While $7 billion in annual sales makes Yahoo one of the largest Web companies, the growth percentage is paltry compared to the 50%+ year-over-year growth that Google still shows despite its massive size.