Yahoo Head: 5% Staff Cut Coming

The new chief at struggling Yahoo said Tuesday she will cut 5 percent of the staff at the pioneering Internet search and portal company, or about 700 jobs.

The job losses are designed to “eliminate duplication of effort,” CEO Carol Bartz said Tuesday as Yahoo reported a 78 percent per-share decrease in first-quarter profit.

Yahoo intends to notify workers who will lose their jobs over the course of the next couple of weeks.

Yahoo reported net income of $117.6 million on revenue that decreased 13 percent to $1.58 billion.

“Yahoo is not immune to the economic downturn,” Bartz said.