After several days of rumors, first reported by AllThingsD, Yahoo confirmed this morning that it’s restructuring and laying off 2,000 employees:
Today, the company will begin the process of informing employees about these changes. As part of that effort, approximately 2,000 people will be notified of job elimination or phased transition.
"Yahoo! expects to realize approximately $375 million of annualized savings upon completion of all employee transitions. The company currently expects to recognize the majority of an estimated $125 to $145 million pretax cash charge relating to employee severance in its second quarter financial results. The company may incur additional charges in connection with this action…"
We’ll have to wait to see what remains of Yahoo after the dust settles — but it’s looking like not much.
Oh the humanity.