Yahoo! Inc. (NASDAQ:YHOO) is preparing to lay-off a large number of employees according to a source with TechCrunch and AllThingsD. TechCrunch reported that the company is laying off 20% and Yahoo! personally responded that this figure was 20%. AllThingsD is reporting that Yahoo! is going to lay off 650 people, or 10% of their total employees.
Most of the lay-offs will take place in the Products division being led by Chief Product Officer Blake Irving according to AllThingsD. ?Yahoo! is always evaluating expenses to align with the company?s financial goals. However, a 20% reduction in Yahoo?s workforce across the board is misleading and inaccurate,? said Yahoo! in a statement.