The new CEO of Yahoo is cutting 14% of the workforce to streamline the company. The product division could be the worst hit, and this could be only the first of several layoff rounds. The company now employs over 14,000 and has many thousands more hired as contractors.
Yahoo said its job cuts will save the company $375 million a year when they are completed.
Also set to be hard hit are Yahoo’s local businesses, as well as its marketing and research divisions. While still sustaining losses, its media units will not be as badly impacted. And it’s not clear how many employee terminations will be aimed at the company’s general and administrative staff.