This morning, 2,000 Yahoo employees will get word they're being laid off.
The layoffs “are an important next step toward a bold, new Yahoo — smaller, nimbler, more profitable and better equipped to innovate as fast as our customers and our industry require,” Yahoo Chief Executive Scott Thompson said in a statement.
The cuts at the Sunnyvale, Calif.-based company to its 14,100 workforce represents about a 14% reduction that the company estimates will save about $375 million annually after being completed later this year.
This is Yahoo's sixth mass layoff in the last four years under three different CEOs. But Wednesday's announced cuts are the deepest yet.