Yahoo is getting ready to lay off at least 1000 staffers, or 10 percent of its workforce, according to a Business Insider report. The company may make an announcement about the restructuring before or as part of its next earnings report, which is expected for the coming weeks.
Further layoffs at Yahoo seemed all but inevitable ever since the company announced plans to sell its core assents in December. Yahoo already quietly reduced its workforce by 14 percent over the last year, according to Business Insider.
Yahoo has been under pressure from investors over its failed turnaround and costly media investments for months. Pressure intensified late last year when it became clear that plans to spin off the company’s Alibaba assets may incur a huge tax penalty. Activist investors pressed the company to abandon the spin-off plans and instead sell its core internet business, and Yahoo’s board eventually decided to just that before the end of the year.
Layoffs are part of getting those assets in shape for potential acquirers, as are decisions to kill projects that just didn’t work. Earlier this week, the company decided to rid itself of a high-profile media property by shuttering its video service Yahoo Screen.