Yahoo says report of mass layoffs 'misleading'

Web portal facing stiff competition from Google and Facebook, has lost several top executives
By Alexei Oreskovic
||Last Updated: 02/01/2011

(Reuters) - A media report stating Yahoo was planning to cut one-fifth of its workforce is "misleading and inaccurate," says Yahoo, but the web portal stopped short of ruling out any layoffs.

Yahoo, which is trying to revive revenue growth amid competition from search giant Google and fast-growing social networking services like Facebook, said in an emailed statement it is "always evaluating expenses to align with the company's financial goals."

"However, a 20-per-cent reduction in Yahoo's workforce across the board is misleading and inaccurate," the statement said.