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Credit: Reuters/Kimberly White/Files By Alexei Oreskovic and Sarah McBride Wed Apr 4, 2012 11:16am EDT (Reuters) - Yahoo Inc will lay off 2,000 people, or 15 percent of its workforce, in its deepest round of job cuts in years as new CEO Scott Thompson tries to drive innovation within a leaner, more agile company while saving hundreds of millions of dollars. Wall Street was again dubious the move would drive growth, which flagged under two previous CEOs who failed to find an answer to the likes of Google and Facebook, even as Thompson said he was intensifying the company's focus on its core businesses. "Today's actions 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," Thompson said on Wednesday. "Our goal is to get back to our core purpose -- putting our users and advertisers first -- and we are moving aggressively to achieve that goal," said Thompson, who took the helm of the company in January. Sunnyvale, California-based Yahoo, which ended 2011 with some 14,000 employees, said it would save $375 million annually from the cuts, and will incur a pretax cash charge in the second quarter of $125 million to $145 million. The company declined to comment on severance details. Some analysts were skeptical about the layoffs, which had been widely expected. "You can't cut your way to revenue growth," said Colin Gillis of BGC Partners. "What people want to see out of Yahoo is they want to see a plan and provision for revenue growth." But at Macquarie Research, Ben Schachter saw the layoffs as a start in determining the new direction of the company. "Scott Thompson is not there to tweak the business," Schachter said. "He saw something in the assets to make him think there was potential." Yahoo said it would provide more details of its plans when first-quarter results are released on April 17. The layoffs follow Yahoo's declining revenue due to competition from Web rivals Google Inc and Facebook. Last year, Yahoo's revenue totaled $4.98 billion, compared with Facebook's $3.71 billion. Facebook has some 3,200 employees, compared with Yahoo's 14,000. Yahoo is also fighting a proxy battle with hedge fund manager Daniel Loeb. Loeb, who runs Third Point, is seeking to appoint four new directors to Yahoo's board. Third Point, with a 5.8 percent stake in Yahoo, is the company's largest shareholder. Yahoo's shares slid about 10 cents to $15.09, in mid morning trading on Nasdaq. (Reporting by Sarah McBride in San Francisco; Editing by John Wallace and Maureen Bavdek) Tech Money Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (2) sjtom wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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