SUNNYVALE, California ( TheStreet) -- Yahoo! ( YHOO) is reportedly evaluating job cuts in its consumer products group after denying a separate report it was planning to lay off 20% of its staff.

Yahoo! said a report Thursday from the TechCrunch blog that it was cutting 20% of its work force was inaccurate. TechCrunch said it was sticking by its story.

Yahoo! did say it is "always evaluating expenses to align with the company's financial goals."

The Wall Street Journal reports Yahoo!, the Internet giant, is evaluating job cuts in its consumer products group. Yahoo's chief products officer, Blake Irving, has asked unit heads to prepare plans that factor in work force cuts of up to 20%, one person familiar with the matter told the newspaper.

It wasn't known whether layoffs would extend beyond Irving's group, the person said. The products group recently had about 7,000 employees, said another person familiar with the matter.

Yahoo! overall employs more than 14,000 people.

Possible job cuts at Yahoo! come as competitors such as Google ( GOOG - Get Report) work to retain their workers. It was reported earlier this week that Google was raising the salaries of all its 23,000 employees by 10%.

-- Written by Joseph Woelfel

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