Yahoo will lay off 1,000 employees, or about 7% of its staff of 14,300, as part of a company realignment, after reporting that its fourth quarter profit was down 23%, according to wire service reports.
This is part of cost-cutting measures that are expected to reduce its annual expenses by over $100 million.
The company posted net income of $206 million for the fourth quarter, a plummet from $269 million in the prior year.
The online marketing giant reported revenues of $1.8 billion for the quarter ended Dec. 31, an 8% increase over $1.7 billion the year before.
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