Yahoo to cut 1,700 workers as CEO tries to save her own job
SAN FRANCISCO (AP):
Yahoo is laying off about 1,700 employees and shedding some of its excess baggage in a shake-up likely to determine whether CEO Marissa Mayer can save her own job.
The long-anticipated purge, announced Tuesday, will jettison about 15 per cent of Yahoo's workforce along with an assortment of services that Mayer decided aren't worth the time and money that the Internet company has been putting into them.
The cost-cutting is designed to save about $400 million annually to help offset a steep decline in net revenue this year.
Mayer also hopes to sell some of Yahoo's patents, real estate, and other holdings for $1 billion to $3 billion.
Products to be dumped include Yahoo Games, Yahoo TV, and some of the digital magazines that Mayer started as CEO. She will also close offices in Dubai, United Arab Emirates, Mexico City; Buenos Aires, Argentina, Madrid, and Milan.