Yahoo! Inc, trying to reinvent itself as a mature Internet company, on Thursday said that it would reduce its workforce by about 300 employees, or just under 10 per cent, and eliminate some weak divisions as part of a broad restructuring designed to generate more profits.
The company, which outlined its plans at an analyst meeting at corporate headquarters in California, further said that it was working to fix some old mistakes like an emphasis on youth over experience, speed over sound strategy, and arrogance.

Yahoo, once known for its youthful management team, breakneck rate of growth and steep stock appreciation, has more recently felt the pain of an economic downturn as well as a scattered strategy that was not always focused on the bottom line.

The company said that it would actually cut 400 jobs but it would continue to hire people to build up key business areas. It expects the net job reduction to be about 300. Most of the jobs being cut, it said, would come out of its international and broadcast divisions, and from middle management.
Thursday's meeting was the first time that Terry Semel, Yahoo's CEO of the past seven months, has outlined a broad plan to turn things around. Bureau Report