Report: Yahoo plans cost-cutting moves, layoffs

From CNET News.com: The exact number of layoffs is unknown, but job cuts are expected to come from all departments in the 14,300-employee company, according to the report. Yahoo, which is set to announce its third-quarter earnings Tuesday, has reportedly asked managers to identify areas where the company can achieve operating budget reductions of 15 percent. In January, Yahoo laid off an estimated 1,100 employees in a bid to cut costs and trim operations that weren't performing as well as others.

Rumors of layoffs at Yahoo have been circulating for weeks, with Alley Insider's Henry Blodget calling for the elimination of 3,000 jobs at the company.

At the same time, Yahoo's stock has been under tremendous pressure, closing at $12.90 on Friday. Just a week before that, its stock traded as low as $11.37, the lowest price since March 2003. Yahoo, as a result, now has a market cap of $17.88 billion.

Although Yahoo's shares continue to give up ground, the company's stock performance during recent trading sessions has largely mirrored the broader markets. Likewise, many tech companies are resorting to layoffs to stem their financial losses.

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