Yahoo to lay off 2,000 employees

California, Apr 5: Yahoo will lay off 2,000 of its employees in a bid to save hundreds of millions of dollars.

"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," said Yahoo CEO Scott Thompson in a statement.

"We are intensifying our efforts on our core businesses and redeploying resources to our most urgent priorities," he said.

"As part of that effort, approximately 2,000 people will be notified of job elimination or phased transition," said Yahoo.

Yahoo's layoffs come as a result of its revenue declining due to its competition with Facebook and Google.

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