Yahoo says laying off nearly 700 workers will cost $30M to $34M in 2nd-quarter charges

Yahoo to write down as much as $34M for layoffs

SUNNYVALE, Calif. — Yahoo Inc. says 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 says 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.