Yahoo! Reportedly Cutting 1% of Workforce

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According to Bloomberg and CNBC reports, Yahoo! (NASDAQ:YHOO) will be eliminating about 1% of its global work force. Citing an email sent to employees, the cuts are not targeted to any specific geography but are aimed largely at employees in the media and advertising group. The cuts are expected to help increase margins.Yahoo, which reports earnings today after the close, also states that it will continue to hire for certain priority objectives. When the company does report, analysts will be looking for EPS of 22 cents on sales of $1.19 billion.Shares of Yahoo are trading nearly 1% lower.