Yahoo to axe up to 15% of workforce: Report
Yahoo CEO Marissa Mayer is expected to unveil a cost-cutting plan that would eliminate up to 15% of the Internet company's workforce, the Wall Street Journal reported.
Mayer will announce the cuts Tuesday after the market closes when Yahoo is scheduled to report fourth-quarter 2015 earnings, according to the Journal report, which cited anonymous sources. Yahoo had about 10,700 employees in the most recent quarter.
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Yahoo has been under mounting pressure from Wall Street to articulate its strategy for the future of the company. In December, the company scrapped plans to spin off its stake in Chinese Internet giant Alibaba and announced that it would instead do a reverse spinoff of its other assets, putting those businesses into a separate publicly traded company.
Shares of Yahoo were down 1.5% in midday trading Monday, amid a broader decline in the market.
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The layoffs could be prelude to Yahoo selling its core assets. Executives at Verizon Communications, which last year acquired AOL, have said they would be interested in exploring a deal for the Yahoo businesses.
Mayer previously said that Yahoo would "work to narrow our strategy, focusing on fewer products with higher quality to achieve improved growth and profitability," speaking on the company's Q3 2015 earnings call in October.
Since then, Yahoo's retrenchment has included shutting down Yahoo Screen, its video hub that included the first NFL game streaming exclusively online, licensed clips of "Saturday Night Live" and a slate of original series. That exclusive content included the sixth season of "Community" from Sony Pictures Television, after NBC canceled the comedy; Yahoo took a $42 million writedown for "Community" and two other series last year after concluding it would be unable to make money on them.
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