Yahoo to eliminate 2,000 jobs: report
04 Apr 2012
Yahoo Inc. is set to eliminate around 2,000 jobs today as part of its new CEO Scott Thompson's plans to recover the glory of the stumbling internet giant, according to a today report from tech blog, All Things Digital.
The layoffs, expected to be announced before the stock market opens for trading in New York today, will affect up to 2,000 employees, or about 14 per cent of its global workforce.
Citing anonymous source, All Things Digital said that the Sunnyvale, California-based company would start laying off employees from its product, research and marketing departments.
A major part of the layoffs would come from its product division headed by Blake Irving. The product division builds and maintains new Yahoo websites and mobile apps.
Yahoo has hired Boston Consulting Group to find the best way for it to grow after its former CEO Carol Bratz failed to turn the company around.
Once an $80-billion company, Yahoo has fallen 89 per cent as it lost internet users and advertising revenue to Google and Facebook. Bartz, who joined Yahoo after the internet major rejected a $47.5-billion offer from Microsoft in 2008, failed to stem the decline and left the company with just $16 billion in market value.
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