AOL letting go 20% of workforce, Time to give up guys!! Enough already!!!

Discussion in 'Wall St. News' started by S2007S, Mar 10, 2011.

  1. S2007S


    When is aol going to wake up and realize they are no longer in the game!

    Aol cant do anything right, they had it all 15 years ago and they still think today they can bring success back to their name, its not going to happen, what ever they are doing is not going to work. They thought by buying bebo back in 2008 ohhhhhhhhhhhh for $850,000,000 that they were going to compete with the likes of myspace and friendster, didnt happen, they sold off the company for a huge LOSS!!!! Now they go and buy the huffington post thinking they are going to change the entire company around with this one acquisition, nope not going to happen. They continue to think they can focus on growth and new strategy to bring back the company, again this is not going to happen. They should put themselves up for sale while they are at it and quit making worthless buyouts that do nothing to their bottom line.

    AOL may cut about 20% of its workforce worldwide
    March 10, 2011 | 8:16 am

    Tim Armstrong, AOL CEO

    AOL could cut its workforce by about 20% worldwide, according to a company memo sent by CEO Tim Armstrong and obtained by Bloomberg.

    According to the memo, more than 900 of AOL's 5,000 employees are set to lose their jobs as AOL continues to integrate its operations with the Huffington Post and as part of an ongoing restructuring process to turn the company back toward revenue growth, Bloomberg reported.

    AOL officials were not available for comment on Thursday morning.

    AOL logo On Monday, AOL closed its $315-million purchase of the Huffington Post, an online news website that both aggregates news from other outlets and produces original content. On news of the purchase being finalized, AOL's stock closed at $19.26 -- at that point, an all-time low -- before closing at $19.24 on Tuesday and $19.14 on Wednesday.

    Armstrong wrote in his company memo that the plan is to trim as many as 200 jobs in the U.S. and 700 in India, Bloomberg reported. But 300 of those who will lose their jobs in India could be moved to new jobs at AOL's outsourcing partners and continue to do work for the company, the report said.

    "Today, we are announcing an organizational structure that will significantly improve AOL's ability to focus on growth," Armstrong wrote in the memo, according to Bloomberg. "Our strategy remains clear: create high-quality content experiences for consumers, at scale."

    AOL's revenue has declined the last four consecutive quarters, Bloomberg said.
  2. BwPirt


    Just another example of failure to stay relavent with your business plan. Just like Blockbuster.
  3. kipster


    AOL... yeah can't seem to get it right.
  4. I hate AOL, and Time Warner. I bought AOL a week or two before they were bought by Time Warner. I should have taken the profit the day it was announced, but noooooo, I held on and watched it die. I ate a loss on that one. I also hate it, as my Dad uses AOL and is terrified to switch even though he can keep his email addresses, and actually uses Time Warner for his internet, but there is no getting this through to him. I end up trying to figure out what AOL crapware has done to his computer all the time.
    A great case study for business schools on how to run a company into the ground.
  5. AOL is in the news. Feels like 1999 all over again.
  6. Technological "deflation" is a bitch. :eek:
  7. BwPirt


    Seriously! I'm about to jump on AOL Instant Messenger just for the sake of nostalgia!
  8. AOL still around? Hmmm, I wonder about Juno and Alta Vista. Think I will go and check:D
  9. AOL is great. They make the information super highway so easy to get on to. I just click on a category and im all set.

  10. Hey thanks for the throwback! I used Juno to get online with my state of the art Packard Bell computer, Alta Vista was my search engine. Then AOL started sending those cd's in the mail:D
    #10     Mar 10, 2011