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Yahoo! To Axe About 2K Jobs - Quick Facts

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Yahoo! (YHOO: Quote) confirmed that it is taking important steps in reshaping the company for the future, and has identified key parts of the business, a select group of core businesses, the platforms that support those core businesses, and the data that drives deep personalization for users and ROI for advertisers, where it would intensify efforts and redeploy resources worldwide, entirely focusing on enhancing shareholder value.

Therefore, the company would start informing employees about these changes, and as part of that effort, around 2,000 people would be notified of job elimination or phased transition. The company, through its restructuring efforts, plans to grow by responding more quickly to customer needs and competing more effectively in areas where it can win.

Further, Yahoo! expects to realize nearly $375 million of annualized savings upon the close of all employee transitions. The company now sees to recognize the majority of an estimated $125 million - $145 million pretax cash charge relating to employee severance in its second quarter financial results.

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by RTT Staff Writer

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