Yahoo confirmed it will lay off 7% of its workforce – that comes out to 1,000 employees. News of the restructuring began last week, with analysts pointing out to Yahoo’s struggle to compete with Google. The internet company disclosed the workforce reduction during a fourth-quarter conference call.
According to Online Media Daily, profits were down 23% from the year-earlier period. No word yet on which company divisions would suffer the cutbacks. A targeted “jobs realignment” is scheduled to start by mid-February.