Widespread reports of planned layoffs at Yahoo appear to be accurate, according to a report in The New York Times, which cited a company spokesperson.

Yesterday, news surfaced that executives at Yahoo were planning to jettison up to 2,500 members of its 14,000-strong workforce. Today, that number appears to be closer to 700.

"Yahoo plans to invest in some areas, reduce emphasis in others, and eliminate some areas of the business that don't support the company's priorities," a company spokesperson emailed The New York Times. "Yahoo continues to attract and hire talent against the company’s key initiatives to create long-term stockholder value."

According to widespread reports, Yahoo's executives are planning to present several workforce reduction options to the board. A decision is expected near the end of the month, and perhaps during the company's next conference call on Jan. 29.