★ Yahoo! Plans Week-Long Hibernation
Yahoo! is reportedly planning its first ever company-wide shutdown next week as the tech giant looks to trim its costs.
The Sunnyvale-Calif. company is shutting down from Dec. 25 through Jan. 1, except for “essential functions” such as customer support.
“Closing down during a traditionally slow week allows employees to recharge, and the company to reduce operating costs for the week,” the company said in an emailed statement.
In recent years Yahoo! has reduced operations during the week between Christmas and the end of the year and encouraged its employees to take the week off. But this year is a more formal shutdown.
Yahoo! isn’t alone in taking advantage of the slow week as many other tech companies, including Apple (AAPL) and Adobe (ADBE), do the same.
Shares of Yahoo! showed little reaction to the news, gaining 0.44% to $15.95 Tuesday morning.
