Yahoo announced it will lay off 1,000 workers in an attempt to become more profitable:
The Sunnyvale-based company announced the upcoming 7 percent reduction in its 14,300-employee work force during a Tuesday conference call to review a 23 percent decline in its fourth-quarter profit.
Yahoo didn't specify which areas of its operations will be trimmed. It will be the company's biggest purge since Yahoo jettisoned 650 workers in the wake of the dot-com bust seven years ago. Management indicated further details will be released by mid-February.
"This is a necessary step in our transformation," Yahoo Chief Executive Jerry Yang said during the conference call.