INTERNET PORTAL AND ADVERTISING OUTFIT Yahoo has confirmed that it will lay off a large number of employees and explained that this is an important part of its transition.
The redundancies were expected. Yahoo is going through sweeping changes and is trying a lot of things to turn around its business.
Today its CEO was a bit sad about the layoffs, but positive about the company's future. Being smaller and nimbler will help the firm better innovate, he said.
"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. We are intensifying our efforts on our core businesses and redeploying resources to our most urgent priorities. 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 Yahoo CEO Scott Thompson in a statement.
"Unfortunately, reaching that goal requires the tough decision to eliminate positions. We deeply value our people and all they've contributed to Yahoo."
The Yahoo statement is, of course, littered with exclamation marks. Today, like so many other days, they seem to be out of place.
Yahoo expects to realise approximately $375m in annualised savings upon "completion of all employee transitions".