Chief executive of beleaguered internet giant says Yahoo needs to return to its 'core purpose' with a trimmed down workforce. Yahoo, which derives a vast amount of its revenues from advertising, is to review its sales operation.
The organization announced a massive round of layoffs as the troubled internet company struggles to turn around its fortunes. In a statement, the company confirmed earlier reports that it was cutting 2,000 jobs, about 14% of its workforce. It is the sixth mass layoff in the past four years for the beleaguered company.
"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," chief executive Scott Thompson said in a statement.
"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.''
Yahoo is still one of the most popular websites but has struggled to keep up with the growth of rivals Google and Facebook. Facebook last year surpassed Yahoo as the largest online display advertising carrier in the US.
Yahoo has recently announced a series of management overhauls, appointing the former PayPal chief executive Thompson as chief executive in January after a high profile bust-up with former boss Carol Bartz.
The company has been in protracted negotiations about a possible sale of assets including its share in the Chinese internet company Alibaba but talks collapsed earlier this year.
ML Tech: Yahoo confirms layoff of 2,000 employees in bid to renew company
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