Yahoo announced today that it will lay off around 2,000 employees, 14% of its total workforce.
The layoffs, which will reportedly save the company $375 million annually, have reportedly hit Yahoo's product division hardest. The company may announce further layoffs as it goes through a massive reorganization that could see it sell off its advertising technology and search businesses.
"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," said newly-appointed Yahoo CEO Scott Thompson in a statement, "Unfortunately, reaching that goal requires the tough decision to eliminate positions. We deeply value our people and all they've contributed to Yahoo."