Yahoo Inc has reportedly said that it would consider “strategic alternatives” for its core Internet business and cut about 15 percent of its workforce.
This will result in almost 1,700 workers losing their jobs at the internet firm.
The announcement is the strongest sign yet that the board and Chief Executive Marissa Mayer may be willing to sell the struggling Internet business – essentially websites, email and online search.
In an interview with Reuters, Mayer said the company will entertain offers as they come but its first priority is the turnaround plan.
Yahoo which has been seeing its revenues fall since 2008 as it couldn’t compete with the likes of Google and Facebook had hired Mayer, then one of Google’s best-known executives, to turn the company around in 2012. But this turnaround never happened as yahoo continued the downward spiral.