23:46:26 EDT Tue 23 Apr 2024
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Yellow Pages Ltd
Symbol Y
Shares Issued 28,018,419
Close 2015-10-08 C$ 16.58
Market Cap C$ 464,545,387
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Globe says Yellow Pages to cut 300 jobs

2015-10-09 08:05 ET - In the News

The Globe and Mail reports in its Friday edition that Yellow Pages is cutting 300 jobs by November in a corporate "realignment." The Globe's James Bradshaw writes the company announced the layoffs, which represent about 10 per cent of its work force, on Thursday, and said they will "principally affect management positions that have been integrated within other functions or that are no longer aligned with the company's digital operations." Long known for its often unwanted directories delivered to doorsteps, Yellow Pages is in the midst of a multiyear shift to a digital focus, taking on Google in the process. Its revenue depends increasingly on the advertising revenue it draws from YellowPages.ca and Canada411.ca, as well as the YP mobile app. "The redeployment of resources is a top priority," said chief executive officer Julien Billot in a statement. In its last quarter, the company's overall revenue fell 7.2 per cent, year over year, while print revenue fell 21.2 per cent. Crucially, however, the company boosted its digital visits by 5.6 per cent and added customers at a faster rate, both of which are key metrics for its future. Yellow Pages closed Thursday at $16.58, up eight cents in Toronto.

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