TechCrunch today has got their hands on a letter that Jerry Yang has shot out to all “yahoos” briefing them on the plan of action, including layoffs, after the announcement that 3rd Quarter earnings were pretty much flat, having only grown 1% to US$1.79 billion.
The email, written in all lower case (perhaps strategically), makes reference to the current economic downturn and informs all employees that in an effort to cut costs by US$400 million by the end of 2008, upwards of 10% of the staff will be downsized over the next 2 months.
A snippet of his email pointing out that the decision is based on external advice to the company;
throughout the first three quarters of 2008, we have been balancing between investing in our top priorities, and managing our cost structure. beginning in september, with the help of Bain & Co., we initiated a series of steps to determine how we can become more efficient and productive as an organization.
TechCrunch shows the full email.