Yahoo cuts 2000 jobs, 14 percent of workforce
Yahoo has released a statement saying it will be cutting 2,000 jobs or 14 percent of its total workforce. Yahoo says that it will save $375 million upon completion of the layoffs and expects $125 to $145 million in a pretax cash charge relating to employee severance packages.
“Today’s actions are an important next step toward a bold, new Yahoo! – smaller, nimbler, more profitable and better equipped to innovate as fast as our customers and our industry require. We are intensifying our efforts on our core businesses and redeploying resources to our most urgent priorities. Our goal is to get back to our core purpose – putting our users and advertisers first – and we are moving aggressively to achieve that goal,” said Yahoo’s CEO Scott Thompson in a press release. “Unfortunately, reaching that goal requires the tough decision to eliminate positions. We deeply value our people and all they’ve contributed to Yahoo!." he continued.
