Yahoo to slash workforce by 4%
Online search giant Yahoo has confirmed it will reduce its headcount by 4% – or 600 people, as part of a cost-cutting exercise.
The job losses represent the fourth round of staff cuts that the company has made in three years, as it endeavours to cut costs and increase profits.
The company’s revenues have grown by less than 2% so far this year – compared with growth of 23% at major rival, Google.
In a statement, Yahoo said: “Today’s personnel changes are part of our ongoing strategy to best position Yahoo for revenue growth and margin expansion, and to support our strategy to deliver differentiated products to the marketplace.”