Yahoo may cut at least 10 percent of its workforce, or 1,000 jobs, Business Insider reports. And, as is often the case when companies seek to cut costs, the media division is expected to be hit hard. The massive layoffs, which are seen as an effort to revitalize the business and appease investors, are expected as early as this month.
“A team is working on it and they want to do it this quarter,” a source told BI. Maybe not so coincidentally, the layoffs come right before annual bonuses are typically given.
Of course, none of this exactly comes out of nowhere and employees have reportedly been anticipating dramatic cuts for some time.
It’s never exactly encouraging when a company hires a consulting firm, quietly but steadily decreases its employee count, shuts down its online video hub, and explores selling off some real estate. Other warning signs? Not giving finalizing budgets so that even coverage of award shows is up in the air while award show season gets under way.
But perhaps the worst omen for Yahoo has been the persistent criticism of CEO Marissa Mayer.