As first reported by AllThingsD’s Kara Swisher last week, and updated yesterday afternoon, Yahoo! (YHOO) this morning announced a restructuring involving focus on “a select group of core businesses,” and laying off 2,000 workers.

The move is expected to produce $375 million in annualized cost savings, the company said.

Yahoo! said it will provide more information when it reports Q1 results on April 17th.

Standard & Poor’s Scott Kessler this morning reiterated a Strong Buy rating on the stock following the move, writing that “While such actions are unfortunate, we think in YHOO’s case it was probably warranted and overdue, especially given that YHOO’s revenues per employee have been much higher than those of peers.”

Yahoo! shares are up 2 cents at $15.20.

Fin