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"Yahoo!\u00A0has announced that it will cut 2000 of its work force in order to save $375m a year. This is a huge blow to employees given the company employs around\u00A014,000 people and many thousands more contractors.\r\nScott Thompson, CEO of Yahoo! has said, &amp;quot;Today's actions are an important next step toward a bold, new\u00A0Yahoo! \u2014 smaller, nimbler, more profitable and better equipped to innovate as fast as our customers and our industry require.\r\n\r\nWe 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 \u2014 putting our users and advertisers first \u2014 and we are moving aggressively to achieve that goal.\r\n\r\nUnfortunately, reaching that goal requires the tough decision to eliminate positions. We deeply value our people and all they've contributed to Yahoo!.&amp;quot;\r\nThe company is informing employees today, and approximately 2000 people will be notified of job elimination or phased transition.\r\n\r\nThrough its restructuring efforts,\u00A0Yahoo! says that it intends to grow by responding more quickly to customer needs and competing more effectively in areas where it can win.\r\n\r\nYahoo! says that it has identified areas where it wishes to redeploy resources globally with a focus on increasing shareholder value. \u00A0It has named these parts of the business as &amp;quot;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.&amp;quot;\r\n\r\nIt's a brutal cut with a &amp;quot;clear focus on profitability and growth&amp;quot;, and Yahoo! says that it will be also be disciplined in its investments and radically simplify how it builds, launches and maintains many of its properties and products.\r\n\r\nYahoo! says that it currently expects to recognize the majority of an estimated\u00A0$125 to $145 million\u00A0pretax cash charge relating to employee severance in its second quarter financial results. It may incur additional charges in connection with this action. More information will be provided about Yahoo!'s future direction in conjunction with the release of its first quarter financial results on\u00A0April 17, 2012.\r\nTroubled times\r\nYahoo has been making headlines recently as it got into a legal battle with Facebook over patents. The company has suffered at the success of Google and Facebook taking over its market.\r\n\r\nBloomberg reported just recently that Third Point\u00A0\u00A0LLC, Yahoo!'s largest outside shareholder,\u00A0was preparing for a proxy fight and unveiled a website that calls for changes at the\u00A0Yahoo!\u00A0\u00A0and a proposed selection of alternative board candidates.\r\n\r\n\r\n\r\nFurther signs of trouble at the top were highlighted when Yahoo announced\u00A0that it had appointed PayPal President Scott Thompson as its new CEO, three months after it fired Carol Bartz."^^<http://www.w3.org/2001/XMLSchema#string>
<http://thenextweb.com/2012/04/04/yahoo-confirms-2000-job-cuts-hopes-to-save-375m-a-year-as-a-result/>