To restore the company’s fortunes in front of decreasing profits, Yahoo has announced to shed around 1,500 jobs that are 10% of its global workforce.

The company reported a 64% slump in third quarter profits. Yahoo announced 54.3million net profit in 3Q, while it was $151.3m in the same period last year.

Yahoo has rejected a buyout offer from Microsoft earlier this year.

These new results from Yahoo are worse than expected, as its revenues increased just 1% compared to $1.79bn (a year earlier).

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The predicted market share for the third quarter has been lowered by the world’s largest mobile phone maker. The statement became the cause to push its shares down 9.6% to 14.20 euros that was the lowest level since 2005.

According to Nokia, problems with the production of its new mid-range phones and rivals’ aggressive pricing for the downrange are the factors behind market share loss. However, it says that it would recover its market share during the rest of the year.

The company says that its market share will be lower in the third quarter than its share in the second quarter that was around 40%.

The increasingly aggressive pricing strategies of rival phone makers have also been flagged up by Nokia.

Rick Simonson, who is the chief financial officer, says that the company doesn’t believe that such a strategy can be maintained. …read the rest of this entry»