The job cuts at Yahoo and AOL will be deeper than expected.
Verizon is now expected to chop 2,100 jobs across the two companies next Tuesday when the $4.5 billion acquisition of Yahoo closes, a source familiar with the matter said Thursday.
News of the increased number of layoffs leaked on Thursday just as Yahoo shareholders approved Verizon’s takeover of the internet portal’s core search, e-mail and news operations.
Yahoo Chief Executive Marissa Mayer was at the meeting but did not speak, a source said.
Just 24 hours earlier, a report from Recode had the number of expected job cuts at about 1,000.
But that total is now expected to be 2,100 workers, or 15 percent of the combined companies’ workforce, a source confirmed to The Post.
TechCrunch first reported the larger number of expected layoffs.
The two companies, once combined, will be renamed Oath and be led by AOL CEO Tim Armstrong.
Verizon, which agreed to acquire Yahoo last July, has been signaling layoffs for months on grounds the former internet rivals have many overlapping positions.
“With access to over 1 billion consumers upon close, we will be positioned to drive one of the most important platforms in the consumer brand space,” an AOL spokesperson said. “Consistent with what we have said since the deal was announced, we will be aligning our global organization to the strategy.”
The long-awaited acquisition was delayed by Yahoo’s disclosure last year of two massive security breaches.
The first, announced in September, affected data from 500 million accounts. Yahoo reported the second breach in December, putting the number of affected accounts at 1 billion.
The disclosures initially jeopardized the deal, but then Verizon in February accepted a price cut of $350 million.
Once Verizon absorbs Yahoo’s internet operations, the remains of the company will be renamed Altaba Inc. — a holding company for Yahoo’s 15 percent stake in Chinese e-commerce giant Alibaba Group plus a 35.5 percent stake in Yahoo Japan.
The stocks of Alibaba and Yahoo both jumped Thursday after Alibaba’s chief finance officer predicted during an investor day presentation a 45 to 49 percent revenue increase for fiscal year 2018.
Analysts had been expecting a revenue increase of 36 percent, according to FactSet.
The upward revision boosted Alibaba’s American Depository Receipts by 13.3 percent, to $142.34, a record.
Yahoo shares climbed 10 percent, to $55.71 — their highest close since Sept. 22, 2000.