Yahoo reportedly will lay off more than 1,000 employees

It’s been a doom-and-gloom week for Yahoo.

First the media giant shuttered its premium video hub, Yahoo Screen, and then we learned that it’s facing a class action lawsuit for sending unsolicited text messages to users.

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Now (as of late Wednesday), reports are flying that Yahoo is preparing to lay off 10 percent of its workforce — or about 1,000 employees.

Yahoo’s media business, its European operations, and its platforms-technology groups are expected to be hit hardest, according to Business Insider.

[graphiq id=”8nvK33I35t3″ title=”Yahoo Inc. (YHOO) vs. S&P 500 Percent Change Over Time – 1 Year” width=”600″ height=”548″ url=”https://w.graphiq.com/w/8nvK33I35t3″ link=”http://listings.findthecompany.com/l/19200951/Yahoo-Inc-in-Sunnyvale-CA” link_text=”Yahoo Inc. (YHOO) vs. S&P 500 Percent Change Over Time – 1 Year | FindTheCompany”]

 

The layoffs, which BI reports could come this month, will be a morale blow to a company that already slashed its workforce by 14 percent during 2015.

One of Yahoo’s activist shareholders, Starboard Value, didn’t mince words Wednesday when it called for an overhaul of the company’s management and board, saying Yahoo’s decision to spin off its core Internet business was “not acceptable,” and that the “existing leadership continues to destroy value.”

Brace yourselves.