Yahoo to axe 2,000 jobs

Yahoo has announced the axing of 2,000 jobs, almost a seventh of its workforce, as it continues to struggle against rivals Google and Facebook. Chief Executive Scott Thompson said the cuts were an important next step towards a new, smaller, more profitable Yahoo better able to innovate.

The cuts will be made across the board, although its product division is expected to be hardest hit. Yahoo currently employs around 13,000 people in 25 countries.

In 2008, Microsoft made an unsuccessful $47.5bn bid for Yahoo. On Monday, Yahoo shares closed at $15.18, valuing the company at $18.4bn.

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