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Technology giant Yahoo has announced that it is cutting 15% of its workforce as the company aims to return to profit.
At a time when Apple, Facebook and Google have all been reporting huge profits, Yahoo’s most recent financial results showed a loss of around £3 billion.
In the hugely competitive technology world that’s not good, and as a result the internet company has now announced job cuts as part of an “aggressive strategic plan”.
The firm’s chief executive Marissa Mayer said: “This is a strong plan calling for bold shifts in products and in resources. We are extremely proud of the billion dollar plus business we have built in mobile, video, native, and social.
“The plan announced today builds from that achievement and will dramatically brighten our future and improve our competitiveness, and attractiveness to users, advertisers, and partners.”
Yahoo and Mayer are under pressure as they struggle to compete with search engine rivals such as Google and communication tools such as Google and Facebook.
Some other parts of the business are also set to be cut alongside staff, including Yahoo TV and Yahoo Games according to reports, with more focus being placed on email and Tumblr, the popular blogging site bought by Yahoo in 2013.
The company says the cutbacks alone could generate a billion dollars, however Yahoo shares continued to fall following the announcement.
