More Layoffs: Yahoo, News Corp

Wall Street Breakfast

Seeking Alpha

Business, Investing, Business News, News

3.8 • 950 Ratings

🗓️ 10 February 2023

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Apollo's (APO) Yahoo to lay off more than 20% of staff in digital ad strategy shift. Lyft (LYFT) sinks 30%+ after hours as weak Q1 guidance disappoints Wall Street (update). Coinbase (COIN) tumbles on fears the SEC could do away with crypto staking.

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Show links:

Micron dips as it suspends bonuses, cuts executive salaries

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Tradevestor: Lyft Needs A Lift, But Is Unlikely To Get One

Transcript

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0:00.0	One fast food restaurant chain is testing out a new plant-based product in three states.
0:06.0	But no matter where you go or how good it is, we won't be able to order it on a Sunday.
0:11.0	Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning.
0:18.0	Good morning.
0:19.0	Today is Friday, February 10th, and I'm your host Julie Morgan. Our top stories. More layoffs on the way, this time at
0:26.7	Yahoo. The company says it's laying off 20% of its workforce and most of those job cuts are happening this week.
0:34.0	Uber versus Lyft.
0:36.0	Lyft executives admitted that they had to cut prices in order to remain competitive with their
0:40.8	chief rival.
0:41.6	Lyft reported earnings Thursday after the bell.
0:44.8	Uber also reported this week.
0:47.0	The lift stock is down more than 31% pre-market.
0:51.6	And Krakan is ending its crypto staking as a service program after reaching a
0:56.0	deal with the SEC. This is affecting coin base which closed Thursday down more than 14%.
1:03.8	We begin with Yahoo.
1:05.8	Yahoo owned by Apollo Global Management is slashing its head count by more than 20%, equating
1:11.8	to more than 1,600 people, 1,000 losing their jobs this week alone.
1:17.0	The company is shifting away from head to head competition
1:20.1	with the likes of Google and Meta in digital advertising.
1:24.0	A spokesperson said in the digital ad revamp,
1:26.7	Yahoo will narrow its focus solely on the demand side platform business,
1:31.4	which has a strong market position in high growth potential.
	...

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