Yahoo to Lay Off 15 Percent of Staff (Report)
CEO Marissa Mayer will be talking to investors on Tuesday when the company reports fourth quarter earnings.
Yahoo is expected to lay off of up to 15 percent of its staff as CEO Marissa Mayer orchestrates a restructuring of the beleaguered search giant.
The company will announce the cost-cutting plan Tuesday when it reports fourth quarter earnings, according to a report in the Wall Street Journal. A spokeswoman did not immediately respond to a request for comment.
The reduction in staff comes as Mayer has faced increased scrutiny over her plans to turnaround the beleaguered search giant. The company scrapped a planned spinoff of its stake in Alibaba late last year, following pressure from activist investors. Instead, the company has said it would explore additional options, including a sale of its core assets.
Since then, Mayer has said she would narrow her strategy for Yahoo, and has begun evaluating its properties to decide which ones to invest in, maintain or kill, according to Re/Code, which reported in January that layoffs were imminent.
Yahoo has already pulled back on its ambitious media plans, announcing a $42 million write-down on its investment into original TV shows including Community and shuttering the Yahoo Screen video hub.
Yahoo shares were trading down more than 1 percent midday on Monday. The company will report fourth quarter and full year earnings on Tuesday after market close.