Yahoo Laying Off Up to 2,000 Employees
There seems to be no reprieve in sight for Yahoo. In a bid to stay relevant in today's fast changing Internet and social media landscape, the Internet giant is conducting a massive round of layoffs that will affect all units of the company.
According to sources familiar with the situation, up to 2,000 employees could be let go in the coming days, with the Product Division being expected to be hit the hardest.
Apparently, newly-installed CEO Scott Thompson has informed employees that "real change" is coming to the company. And the first thing he wants to do is to cut costs where possible and possibly conduct a thorough re-organization of the company.
These are hard times for the company as apart from the intensive restructuring, they are also facing two external lawsuits. One against activist shareholder Third Point who is fighting for board seats; and another which sees Facebook countering Yahoo's patent lawsuit with strong counter-claims of their own.