Internet media giant Yahoo! Inc. yesterday reported a first-quarter net loss, compared with a profit in the same quarter a year earlier, and said it would cut 12 per cent of its workforce.

The company announced that the senior vice-president of its international operations would leave the company in mid-June. The company also said it would take a second-quarter restructuring charge of between $40 million (€35.3 million) and $60 million.

Yahoo reported a net loss of $11.5 million, or two cents a share, compared with a profit of $67.6 million, or 11 cents a share, in the first quarter of last year.