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Jobs cut to save troubled web biz $375m a year

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Yahoo has said that it is laying off about 2,000 employees as it struggles to regain its web crown.

The firm said those at risk would be told of their "job elimination or phased transition" as part of its restructuring, which will save the company $375m every year.

"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," CEO Scott Thompson said in a canned statement.

"We are intensifying our efforts on our core businesses and redeploying resources to our most urgent priorities. 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.

"Unfortunately, reaching that goal requires the tough decision to eliminate positions. We deeply value our people and all they've contributed to Yahoo!"

Yahoo! also said that it expected to fork out between $125m and $145m in employee severances, a figure it will nail down in its Q2 financial results.

The firm said it would reveal more about its "future direction" when it announces its first quarter financial results on 17 April.

Yahoo! has continued to take baby steps along the road to recovery, and despite rumours of sell-offs and changes in management, the company has yet to outline any sort of cohesive plan about where it's going.

Yahoo! was once a dominant force on the web, but has long since been overtaken by the likes of Google and Facebook, a fact that has seriously hacked off its shareholders.

One in particular, Daniel Loeb of Third Point, has been fighting the company at every turn, calling for management heads to roll and trying to get new directors on its board. ®

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