No matter how hard, Yahoo's CEO Marissa Mayer tried to boost the company's profits nothing seemed to work for long and pressure from the frustrated shareholders kept growing. Stock prices of the company have dropped rapidly and investors are now pushing for sale of the Internet operations.
In a recent move on Friday, the board of Yahoo hired three investment banking firms Goldman Sachs, J. P. Morgan and PJT Partners for setting up processes for meeting potential buyers who are interested in acquiring the entire business of Yahoo of some of its parts. That surely reflects that the CEO is running out of time to work with her turn around strategies on the company's Internet operations.
Just two and a half weeks back, Yahoo had disclosed that it was considering "strategic alternatives" as Mayer makes efforts to trim costs with massive layoffs, closing down offices and a eliminate of products that are unprofitable. Mayer still believes revamping the business will increase profits and allow Yahoo to focus more on mobile apps and other services allowing the company to fetch more revenue and revive its growth which has seen years of decline.
The Yahoo board will consider alternatives while Mayer continues to follow a turnaround plan including cutting down fifteen percent of the company's workforce.
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