Yahoo Inc is preparing to lay off several hundred workers in the first round of cuts since Carol Bartz became the firm's chief executive officer in January, a source with knowledge of the situation told Reuters.

The layoffs could be announced as early as next Tuesday, when the hi-tech company reports its first-quarter financial results, according to the source, who wished to remain anonymous because of the issue's sensitivity.

Yahoo's last round of layoffs was in December, under former CEO and co-founder Jerry Yang.