Yahoo cuts 2,000 jobs

Yahoo is laying off 2,000 employees as new CEO Scott Thompson sweeps out jobs that don’t fit into his plans for turning around the beleaguered internet company.

The cuts announced Wednesday represent about 14 per cent of the 14,100 workers employed by Yahoo.

Yahoo-cuts-jobs

A source close to Yahoo told The Canadian Press that cuts within Canada affect “literally a handful of employees across the country,” though they did not specifically quantify how many people were affected.

The company estimated it will save about $375 million annually after the layoffs are completed later this year. Yahoo will absorb a pre-tax charge of $125 million to $145 million to account for severance payments. The charge will reduce Yahoo’s earnings in the current quarter.

Workers losing their jobs will be notified Wednesday. Some of the affected employees will stay on for an unspecified period of time to finish various projects, according to Yahoo.

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