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$YHOO Yahoo Sees Severance Charge Of Up To $38 Million
Date : 12/17/2010 @ 6:42PM
Source : Dow Jones News
Stock : Yahoo! Inc. (YHOO)
Quote : 16.63 -0.13 (-0.78%) @ 3:50PM

Yahoo Sees Severance Charge Of Up To $38 Million
Yahoo! Inc. (MM) (NASDAQ:YHOO)
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SAN FRANCISCO (DOW JONES) -- Yahoo Inc. (YHOO) said Friday it expects to take pretax cash charges of $33 million to $38 million for severance pay and other expenses stemming from its move earlier this week to cut 600 jobs, or about 4% of its work force.

In a regulatory filing, the struggling Internet company noted that the charges are expected to be offset by a $4 million to $6 million credit related to stock-based compensation expense reversals.

Yahoo said it will account for the majority of the severance charges in the fourth quarter of 2010, with the remaining costs to be recognized in early 2011.

Shares in Yahoo fell 0.8% to $16.38.

-By Scott Morrison, Dow Jones Newswires; 415-765-6118; [e-mail]