Yahoo planning to lay off 1,000 workers

Yahoo Inc plans to cut back 10% of its work force and it could start the process early this month, Reuters reported Thursday, quoting Business Insider.

The layoffs, which would result in more than 1,000 people leaving the tech giant, is set to affect Yahoo's media business, European operations, and platforms-technology group, Business Insider said on Wednesday.

"A team is working on it and they want to do it this quarter," Business Insider quoted unnamed source as saying.

A spokeswoman for Yahoo, Sarah Meron, told Reuters “We are not confirming this rumor or commenting further."

Another spokesperson declined to comment on the layoffs, but the company has acknowledged that change is afoot.

There's been considerable pressure on the company to find a new path forward after a three-year turnaround failed to revitalize the business. At least one investor called for CEO Marissa Mayer to slash the company's size to only 3,000 people, while others are hoping that Mayer will be taken off the roster.

To cut more costs, the company also scaled back operations at its production studios for the last two weeks of the year to save money on contractors, another person familiar with the matter said. The timing of the layoffs also comes ahead of when Yahoo typically doles out annual bonuses, the report said.