(Reuters) — Yahoo Inc., said on Tuesday (February 02) it was exploring strategic alternatives in addition to the continued pursuit of the reverse spin-off of its Internet business. The company also said it would cut about 15 percent of its workforce and close offices in five locations.
Shares of Yahoo, which also reported fourth-quarter results, fell 1.4 percent in after-hours trading on Tuesday.
The company said it would simplify its product portfolio and that it had begun to explore divesting non-strategic assets.
Yahoo on Tuesday also reported a 15 percent fall in adjusted quarterly revenue as it struggles to keep its share of online search and display advertising in the face of tough competition from Facebook Inc and Alphabet Inc’s Google.
Chief Executive Marissa Mayer, who joined Yahoo in 2012 from Google, has been trying to revive the Internet pioneer’s core media and online advertising business by spending heavily to draw more users to its websites.
