Yahoo to Cut 15 Percent of Jobs as Revenue Plummets

Yahoo Exploring options for its core web business
Yahoo CEO Marissa Mayer speaks during her keynote address at the annual Consumer Electronics Show (CES) in Las Vegas, Nevada January 7, 2014. Robert Galbraith/Reuters

Yahoo Inc <yhoo.o> said on Tuesday it was exploring strategic alternatives in addition to the continued pursuit of the reverse spin-off of its Internet business.

Yahoo said it would simplify its product portfolio and that it had begun to explore divesting non-strategic assets.

The company also said it would cut about 15 percent of its workforce and close offices in five locations as it faces intense competition for ad dollars from Facebook Inc <fb.o> and Alphabet Inc's <googl.o> Google.

Yahoo Inc reported a 15 percent fall in adjusted quarterly revenue as it struggles to keep its share of online search and display advertising in the face of tough competition from Facebook Inc and Alphabet Inc's Google.

Yahoo's revenue - after deducting fees paid to partner websites - fell to $1.00 billion in the fourth quarter ended Dec. 31 from $1.18 billion a year earlier.

Yahoo reported a loss of $4.43 billion, or $4.70 per share, in the quarter compared with a net income of $166.3 million, or 17 cents per share, a year earlier.

Yahoo also said on Tuesday it was exploring strategic alternatives, along with pursuing its reverse spin-off of its Internet business.

Chief Executive Marissa Mayer, who joined Yahoo in 2012 from Google, has been trying to revive the Internet pioneer's core media and online advertising business by spending heavily to draw more users to its websites.