Sunnyvale, Calif. - As widely expected, Yahoo (NASD: YHOO) on Tuesday announced plans to reduce its global workforce by "at least" 10% by year's end. For a company that currently employs about 14,300 workers, that means more than 1,400 job cuts.

Yahoo, which also announced another major round of layoffs earlier this year, said that it hopes to reduce its current annualized cost run rate of approximately $3.9 billion by more than $400 million before the end of 2008.

The company added that it plans to implement "additional cost-cutting measures aimed at achieving additional structural efficiencies" over the next year.

The news came as Yahoo reported net income of $54.3 million for the quarter, down 64% from the $151.3 million it earned during the same period a year ago.

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