Yahoo prepping to 'lay off thousands of workers' in massive restructuring

San Francisco, Mar 31 (ANI): Embattled Internet firm Yahoo will start laying off thousands of employees next week and would announce a plan to restructure the company, according to a report.

According to technology blog All Things D, the dismissals will be 'deep' and focus on the company's product, research, and marketing units.

The site said Yahoo's goal is 'to cut many thousands' of employees, although not all of the layoffs will come at once, CBS News reports.

According to the website, the Internet giant's tentative restructuring plan is aimed at creating a global media division that includes the company's communications and search businesses, as well as units focused on worldwide and regional sales.

Meanwhile, Yahoo has seen its revenue decline recently amid competition from Web rivals Google, Facebook and other Internet firms.

The firms' stock is down 8.1 percent over the last 12 months, and 15.6 percent over the last three years. (ANI)