move company: The lay-offs will see about 1600 people lose their jobs and are part of a new plan announced on Tuesday which focusses on the company strongest assets, including Search, Mail and Tumblr, and its media brands, according to Nine News Australia. In another cost-cutting move the company will close five of its global offices and shut down stunted businesses, including smart TV, games and television shows. Yahoo has announced it will lay off 15 percent of its employees in a bid to return the company to its past success rates after it lost $4.4 billion in its last quarter. Yahoo cannot win the hearts and minds of users and advertisers with a complicated portfolio of products and assets, CEO Marissa Mayer said. Yahoo stock fell 2% overnight and frustrated investors, including hedge fund Starboard Value, claim Ms Mayer and her staff have failed to make any impact on the company failing fortunes in more than three years. The company hopes the changes will save it up to $400 million in the next financial year, and it also planning on selling real estate which would bring in another $1 billion.
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