UPDATE 2-Google hires, but Yahoo fires

* Google embarks on record hiring year, Yahoo fires

* Yahoo reports Q4 results after Tuesday market close

* Yahoo shares down about 1 pct (Adds details on Google hiring)

SAN FRANCISCO, Jan 25 (Reuters) - Yahoo Inc YHOO.O is planning its second round of layoffs in six weeks, while rival Google Inc GOOG.O is preparing its biggest-ever year for hiring, underscoring the divergent paths of two of the Internet's biggest names.

Yahoo said on Tuesday it will cut 1 percent of a global workforce that stood at about 14,100 at the end of the third quarter, just weeks after announcing it would lay off about 4 percent, or roughly 600 people, from its workforce. [ID:nN14290935]

In an official blogpost on Tuesday, Google said that 2011 will set a record in terms of hiring -- surpassing 2007, when it added more than 6,000 people to its roster, and last year, when it tacked on about 4,500.

“I am excited about 2011 because it will be our biggest hiring year in company history. We’re looking for top talent across the board and around the globe,” Google Senior Vice President of Engineering and Research Alan Eustace said.

News of Yahoo’s latest layoffs come hours before the Web media company is due to report fourth-quarter financial results after Tuesday’s market close, with analysts expecting revenue to decline roughly 5.6 percent year-over-year.

Yahoo spokeswoman Dana Lengkeek told Reuters in an email statement that the latest cuts are part of the company’s strategy to position itself for net revenue growth and margin expansion, and that Yahoo will continue to hire to support key priorities.

The company would not say exactly how many employees would be laid off in the latest round of reductions. In December, the Web portal said it would lay off about 4 percent of its workforce, mostly in Yahoo’s product group.

Its share were down roughly 1 percent, or 13 cents, at $15.96, in afternoon trading on Tuesday. Google stock was up 0.9 percent at $616.75. (Reporting by Alexei Oreskovic; editing by Andre Grenon and Gerald E. McCormick)