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Jan 23, 2008, 5:04 GMT

Reports: Yahoo planning widespread job cuts

San Francisco - Yahoo is planning a spate of widespread job cuts as it struggles to compete with the likes of Google and Facebook, US media reports said Tuesday. Marco Boerries, (R) executive vice president, Connected Life, Yahoo! and Jerry Yang, co-founder and CEO of Yahoo! outlining at Consumer Electronics Show in Las Vegas 07 January 2008. EPA/ISAAC BREKKEN

Marco Boerries, (R) executive vice president, Connected Life, Yahoo! and Jerry Yang, co-founder and CEO of Yahoo! outlining at Consumer Electronics Show in Las Vegas 07 January 2008. EPA/ISAAC BREKKEN

Marco Boerries, (R) executive vice president, Connected Life, Yahoo! and Jerry Yang, co-founder and CEO of Yahoo! outlining at Consumer Electronics Show in Las Vegas 07 January 2008. EPA/ISAAC BREKKEN The Bloomberg financial news agency reported that 700 of the company's 14,000 workers would be culled in the move, expected to be announced around Yahoo's scheduled quarterly report on January 29. The reports come after Yahoo experienced seven straight quarters of declining profits. The company last year replaced chief executive Terry Semel with founder Jerry Yang, who began a reorganization of the company aimed at helping it regain its internet preeminence. The company declined to comment on the reports. 'Yahoo plans to invest in some areas, reduce emphasis in others and eliminate some areas of the business that don't support the company's priorities,' the firm said in a statement. © 2008 dpa - Deutsche Presse-Agentur

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