Yahoo to terminate 14 percent of its workforce, affect 2,000 employees
Internet giant Yahoo is about to undergo its sixth mass layoff in 4 years and will soon terminate 2,000 employees. The company has announced that about 14 percent of its total employee strength of 14,100 will lose their jobs. Yahoo’s new CEO Scott Thompson has estimated that this mass termination will save the company about $375 million this year.
The layoffs “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,” commented Thompson who has previously worked with PayPal. Yahoo will elaborate its plans further on April 17 and will also release its first quarter results the same day.