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Yahoo to cut 15% of its workforce & explore options to sell core biz

Yahoo will be cutting 15% of its workforce, approximately 1,700 workers, and exit five offices in Dubai, Milan, Madrid, Buenos Aires and Mexico City. Yahoo also said that it will be exploring "strategic proposals" for Yahoo as the company is spinning off its investment in Alibaba from the operating core business. With this, Yahoo's headcount will be reduced to about 9,000 employees and 1,000 contractors. However, CEO Marissa Mayer remained optimistic about the company's turnaround. Yahoo will be looking to cut operating expenses by $400 million and focus on its mobile, video, native and social initiatives. Speaking on Yahoo's Alibaba spin off, Maynard Webb, chairman of Yahoo's board, said, "Separating our Alibaba stake from our operating business continues to be a primary focus, and our most direct path to value maximization. In addition to continuing work on the reverse spin, which we've discussed previously, we will engage on qualified strategic proposals," Webb said. Other divisions shut down In March 2015, Yahoo shut down its office in Beijing, China, resulting in up to 300 job cuts. In February 2015, Yahoo India laid off over half of its editorial team based in Bangalore and about 35% of its editorial staff in Canada, which together represented about 100-200 jobs, citing global reorganization and restructuring. In October last year, Yahoo’s Software Development Centre in Bangalore saw around 600 layoffs as a part of its team consolidation worldwide. In June 2015, the company shuttered Yahoo Maps and Yahoo Pipes , GeoPlanet, PlaceSpotter APIs and some regional verticals. Financials Yahoo reported a net revenue of $1.27 billion…

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