New York (dpa) – Yahoo Inc was to announce Wednesday that it would cut up to 2,000 jobs as the internet pioneer faces declining revenues and increasing competition, a news report said.
The jobs cuts were the tip of the iceberg with more cutbacks to come in the coming months, the Dow Jones & Co Inc-owned industry news blog All Things Digital reported, citing sources close to the situation.
Yahoo had about 14,000 employees at the end of last year after several previous rounds of job cuts.
Revenues, mainly from advertising, have been falling for several years as the company has lost market share to competition from Google Inc and Facebook Inc.
Last autumn, chief executive Carol Bartz was fired after two years at the helm. Former eBay Inc manager Scott Thompson is currently in charge and tasked with turning the company’s fortunes around.
One of his first moves was to sue Facebook for patent infringement. The online social-networking site answered on Tuesday with a lawsuit of its own.
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