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DailyTech reported earlier this month that Yahoo was contemplating job cuts. Faced with sagging growth and market share loss to Google, coupled with the possible loss of the Google ad partnership due to regulatory headaches, Yahoo had few other options than to make cuts.

Yahoo co-founder and CEO Jerry Yang, under pressure by some investors of late to resign, gave a statement describing the cuts, stating, “We have been disciplined about balancing investments with cost management all year, and have now set in motion initiatives to reduce costs and enhance productivity. The steps we are taking this quarter should deliver both near-term benefits to operating cash flow, and substantially enhance the nimbleness and flexibility with which we compete over the long term.”

At least 10 percent of Yahoo’s workforce will be slashed, meaning that at least 1,520 will lose their jobs. The company hopes that the cuts will help it to reduce costs, while not significantly reducing its profitability.

The cuts were the second for Yahoo this year, with the company letting 1,000 employees go this last January. In total, Yahoo has let go close to 16 percent of its workforce since the start of the year.

Yahoo’s revenue for the quarter was $1.79B USD, up 1 percent from the quarter a year before. Without the commissions it paid ad partners, the company pulled in $1.33B USD, slightly lower than the average analyst prediction of $1.37B USD. Net income for Yahoo was $54M USD, down 51 percent from last year. Profits excluding one-time charges were $123M USD, roughly in line with analyst expectations.