The day of reckoning is nigh for Yahoo.
On Tuesday, the struggling company announced that it would cut 15 percent of its workforce—more than 1,600 positions—and close five international offices as it unveiled a plan it hopes will save it from the auction block.
Yahoo’s chief executive, Marissa Mayer, said in a jargon-filled statement that the plan would enable the company’s leaders to “accelerate Yahoo’s transformation”:
Today, we’re announcing a strategic plan that we strongly believe will enable us to accelerate Yahoo’s transformation. 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. Our strategic bets in Mavens have enabled us build an entirely new, forward-leaning business of tremendous scale and growth in just three years. 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.