Palo Alto, Calif.--One day after it reported a net loss for the first quarter, Yahoo! Inc. announced on Wednesday that it will fire 429 people in the company's first layoffs ever. The cuts amount to 12% of the staff of the Internet media giant. The company, which has been hurt badly by the downturn in the ad market, said it would reverse strategy and pull out of some business areas to reduce costs. However, the company did confirm that it would be offering a wider range of pornography through various retail partners. On Tuesday Yahoo! reported a net loss of $11.5 million, or 2 cents a share, compared with a profit of $67.6 million, or 11 cents a share, in the first quarter of last year.