Yahoo! has announced the loss of 600 jobs, representing 4% of its workforce, as the internet media giant looks to boost its revenue as it looks to compete with the likes of Google and Facebook.
The New York Times reports that the cuts will affect Yahoo!’s products division in the US, and the is still recruiting on a global basis.
The latest cuts are the fourth round of redundancies in three years at the internet media firm.
Yahoo! said the cuts are part of its strategy “to deliver differentiated products to the marketplace.”
While Yahoo! is cutting back, rivals Google and Facebook are recruiting, which is good news for the Yahoo! employees who find themselves out of work.
Facebook has moved to a new headquarters in response to growth at the company while Google has expanded by 20 per cent.
Since new chief executive Carol Bartz joined Yahoo in January 2009, profit margins have increased, although revenues have failed to grow.
