Yahoo to cut 2,000 jobs

Saying it needed to turn the Internet company around and make it “smaller, nimbler, more profitable,” Yahoo! announced its plan to cut 2,000 staff, or 14% of the workforce. Yahoo expects this move to yield savings of US$375-M, though severance pay will probably cost the company anywhere between $125-M to $145-M. This is the company’s 6th round of redundancies in the last 4 years, according to reports. Yahoo’s webmail service has been overtaken by social media, while Google continues to lead the search engine business.

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