Yahoo is planning to announce layoffs next week followed by a major restructuring plan the week after, reported AllThingsD citing multiple sources. Under new CEO Scott Thompson, Yahoo is trying to refocus its products and drastically slim down its operations. The job cuts are expected to be in the thousands.
Sources say that the cuts are aimed at the product, research, and marketing units of Yahoo where many thousands of the company's more than 14,000 employees may lose their jobs. However, the decision isn't set in stone yet and the company won't be making the entire cut all at once.
Yahoo is still trying to figure out how to ditch its ad technology group and search business, which together have 2,500 staffers. Thompson has reportedly had discussions with Microsoft and Google regarding this matter.
The new focus for the company will be on media, advertising, and other yet to be named "future" initiatives. The new structure is expected to be comprised of a global media division that encompasses Yahoo's communications and search business along with ones focused on global and regional sales. There may also be a smaller group of about 50 employees focused on future innovation.