AOL laid off roughly 100 employees yesterday as part of an effort to bring its cost structure in line with its strategic goals ahead of its spin-off from Time Warner next month.

The cuts spanned all areas of the company, in keeping with new CEO Tim Armstrong’s mandate to reorganize AOL around four pillars: advertising, editorial, local and communications like IM and e-mail.

“We have a cost issue driven by a revenue issue,” said one source, alluding to AOL’s plummeting sales figures.

When Armstrong took over in July, he told AOL staffers to brace themselves for a significant restructuring in preparation for its impending independence. Yesterday’s cuts are not part of that effort, which the company refers to internally as “Project Everest.”

AOL has not detailed the precise number of cuts that would result from “Project Everest.” The source said the company was likely to provide more detail on that and whether it would introduce a voluntary buyout program, which came at the suggestion of an employee, as part of any future rounds of layoffs in a few weeks.