Yahoo Announces Layoffs For 1,700 Employees

LOS ANGELES (CBSLA.com/AP) — Yahoo is laying off about 1,700 employees and shedding some of its excess baggage in a shake-up likely to determine whether CEO Marissa Mayer can save her own job.

The long-anticipated purge announced Tuesday will jettison about 15 percent of Yahoo’s workforce along with an assortment of services that Mayer decided aren’t worth the time and money that the Internet company has been putting into them.

The overhaul probably represents Mayer’s last chance to persuade restless shareholders she has figured out how to revive Yahoo’s growth after 3 1/2 years of futility.

Yahoo’s revenue has been shrinking through most of Mayer’s reign, even though she has spent more than $3 billion on acquisitions and introducing features designed to bring in more traffic and sell more advertising.

Yahoo has several corporate locations in Southern California, including offices in Burbank and Playa Vista.

Best known for its Web portal, search engine, and mail and directory services, the flagging Internet company is also reportedly open to “strategic alternatives” that may include sale options to potential suitors, including Verizon Communications, according to Variety.

(TM and © Copyright 2016 CBS Local Media, a division of CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2016 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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