Yahoo announced Wednesday that it plans to cut 2,000 jobs — 14% of its staff — as the company moves to cut costs and refocus its priorities, according to The Hollywood Reporter.
The layoffs were expected, the story notes.
Said Yahoo’s recently named CEO Scott Thompson: "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.”
The company expects to save about $375 million annually as a result of the moves, the story reports.