Yahoo cuts 2,000 jobs

Yahoo announced Wednesday it will cut 2,000 jobs, about 14 % of its workforce, as the troubled internet company struggles to turn around its fortunes. Yahoo's new CEO Scott Thompson, who joined the company in January, plans to provide more information about his strategy during the company's first-quarter earnings announcement, scheduled April 17, according to the (CNN). The company will get savings of about $375 million annually from the cutbacks, Sunnyvale, California-based Yahoo said today in a statement. Yahoo, which had 14,100 full-time employees at the end of last year, expects to record a pretax expense of $125 million to $145 million -- with the majority coming in the second quarter. Yahoo has retained a massive user base, but has lost its edge in nearly every field to newer, nimbler rivals. The company gave up on search in 2009, and it's losing ground in display advertising to new entrants to the market such as Google and Facebook.