Yahoo is planning to lay off hundreds of workers in an effort to cut costs and revive the company's core business, according to reports in several media outlets Tuesday.

The Wall Street Journal, New York Times reported Tuesday that the company is preparing to lay off workers in an effort to re-focus its business.

A representative for Yahoo would not confirm the planned layoffs Tuesday morning, but did issue a statement saying that the company "has embarked on a multi-year transformation that includes making tough decisions about the business" in order to help the business grow.

"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," the statement read.

The Web portal giant has seen its business come under withering attack from arch-rival Google Inc., which has taken leading market share in the Internet advertising space. Many of Yahoo's media-related business have also failed to pay off, which helped lead to a top-level restructuring last year in which co-founder Jerry Yang took the CEO slot from long-time chief Terry Semel.

The exact number of jobs cuts being planned was not given. The reports, citing unnamed sources, said the reductions could number "hundreds of workers." Yahoo currently has about 14,000 employees.