After announcing plans to lay off some 2,000 employees earlier this month, Yahoo has now confirmed that it will be closing or consolidating 50 of its sites, as well. CEO Scott Thompson conveyed the news during a call with reporters today, on the heels of a surprisingly rosy Q1 report that saw his company's profits rise by 28 percent, on the strength of nearly $1.08 billion in revenue.

Thompson didn't specify which properties will be targeted under this new initiative, though he did affirm plans to focus on the company's most popular and ad-friendly outlets, including its News, Finance, Sports and Yahoo Mail platforms. Those that don't "contribute meaningfully," on the other hand, will either be axed or folded into existing products.

The last few months have been rather rocky for Yahoo, thanks in no small part to high-level corporate shakeups and a high-profile patent suit against Facebook. Thompson, however, seems confident that the once-proud web giant can turn things around by narrowing its focus and streamlining operations. "Yahoo! has been doing way too much for way too long and was only doing a few things really well," the CEO said during Tuesday's earnings call. "We need to be clearer going forward about what we won't do."