Yahoo Inc is laying off 2000 employees, it said on Wednesday, signaling a broad shakeup of the company.
"Today's actions are an important next step toward a bold, new Yahoo -- smaller, nimbler, more profitable and better equipped to innovate as fast as our customers and our industry require," said Chief Executive Officer Scott Thompson. "Our goal is to get back to our core purpose, putting our users and advertisers first, and we are moving aggressively to achieve that goal."
The company declined to comment on severance details.
The layoffs come as Yahoo's revenue declines amid competition from Web rivals Google Inc and Facebook, and as the company fights a proxy battle with hedge fund manager Daniel Loeb.
Loeb, who runs Third Point, is seeking to appoint four new directors to Yahoo's board. Third Point, with a 5.8 percent stake in Yahoo, is the company's largest shareholder.
The layoffs had been expected.
Copyright @Thomson Reuters 2012
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