Yahoo Inc. will lay off 107 employees in the first of what is expected to be more than 1,500 job cuts, the company said.
The layoffs take effect April 11 and affected employees received 60-day advance notice of the move, Reuters reported, citing a notice Yahoo filed with the California Employment Development Department. The layoffs were spread across a range of departments and job titles.
Yahoo shares rose 1 percent at US$27.10 on Wednesday and are down 18.5 percent so far this year.
During the company’s fourth quarter earnings call this month, chief executive Marissa Mayer said it will cut roughly 15 percent of its workforce as part of a strategy to revamp its core internet business.
Yahoo had about 11,000 employees as of June 30, according to its website, down from 12,500 full-time employees at the end of 2014.
– Contact us at email@example.com