Yahoo! said on Thursday that it will cut 400 jobs, or 13 percent of its workforce in a company reorganization that will also include reducing the number of business units from 44 to six, according to published reports.
Yahoo! executives, speaking at the companys "analyst day," described the moves as an attempt to make Yahoo! less reliant on advertising revenue and drive growth through more fee-driven services.
On Wednesday one such service was unveiled as Yahoo! announced a deal to provide broadband access co-branded with SBC Communications.
Yahoo! also said that it will hire 100 new employees in the near term to fill new positions.
This is the second round of layoffs at Yahoo! this year. In April the company cut 420 employees.
Yahoo! shares were down 0.29 to 14.92 near the close of the trading day.