Yahoo to lay off 5% of staff
Yahoo plans to lay off more than 600 employees, according to sources close to the company.
The cuts would represent between 4% and 5% of the internet portal’s overall staff, which totaled 14,100 at the end of September.
The lay-offs come almost two years into chief executive Carol Bartz’s tenure as Yahoo works to grow its revenue amid tough competition from Google and Facebook.
Yahoo declined to comment on the redundancies.
Technology blog AllThingsD wrote earlier this month that Yahoo planned to cut 650 employees, and the New York Times reported that the cuts could take place this week.
A source familiar with the situation said the New York Times report was accurate and that the cuts would mostly be in Yahoo’s product group. Another source told Reuters that Yahoo planned to cut between 600 and 700 employees from the product group.
Earlier this month it was rumoured that Yahoo could form a merger with AOL, representing something of a fall from grace for the two former internet giants.