According to CCP Manifest, most of the layoffs will occur in the company's Atlanta, Georgia offices, with select positions at the Reykjavik, Iceland camp also affected.
Manifest says that EVE expansions, DUST, and WoD have stretched CCP's resources too thin, and the company will now "sharpen our focus." In the short term, this means more attention for EVE Online and DUST 514, while World of Darkness will "continue development with a significantly reduced team." Finally, the press release attempts to head off the doomsayers by pointing out the fact that EVE's subscriber numbers are higher than they were this time last year.
[Thanks to everyone who tipped us!]