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September 7, 2008 12:47:27 AM CDT

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Yahoo to Slash Jobs in Shakeup

Posted Jan 22, 08 4:14 AM CST in Technology,  Business 

(Newser) – Yahoo! is preparing for its first big round of layoffs since the 2001 dot.com bust, the New York Times reports, seeking to narrow its focus, increase profitability, and revive its tumbling share price. A statement from the company said it planned to "eliminate some areas of the business."

Bloggers have speculated that up to 20% of the company's 14,000 workers could go, but a company source said the job losses would likely be in the hundreds. Executives haven't made a final decision on which areas will be cut, the insider said, although an announcement is expected at the end of this month.

Source New York Times

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Exterior view of Yahoo! offices in Santa Clara, California. Yahoo remains among the world's most popular web companies but has lost market share to rivals like Google and Facebook in recent years. ...   (Associated Press)
Yahoo CEO Jerry Yang gives a keynote address at the Consumer Electronics Show (CES) in Las Vegas, Monday, Jan. 7, 2008. (AP Photo/Paul Sakuma)   (Associated Press)
Yahoo offices in Santa Clara, California. Sources say that Yahoo will be announcing hundreds of job cuts at the end of this month as it seeks to revitalize the core areas of its business. (AP Photo/Paul...   (Associated Press)
Yahoo search engine engineer Walter O. Ocariel at work in the company's offices in Sunnyvale, California.   (KRT Photos)
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