Yahoo’s Profit Dips 64%, Revenue By 15%; Verizon Expresses Acquiring
The businesses of Yahoo are deteriorating faster than expected. In the second quarter its revenue has fallen by 15 percent and profit has dipped by 64 percent.
The internet company revealed its biggest acquisition Tumblr is now only worth one-third of the price that it paid in 2013.
Tumblr was acquired under the current chief executive Marissa Mayer for $1.1 billion.
Meanwhile, Mayer said there’s won’t be further layoffs as of now as the overall size for the company is perfect. Currently the headcount is 8,800 in total. Last year in the same period the count was 10,100. In February this year a 15 percent layoff was announced and that calls to cut about 1,600 by the end of 2016.
Mayor added the layoff was a difficult decision though it has helped Yahoo in becoming more efficient.
Yahoo CEO Ken Goldman said the cut in workforce helped the company in tighter expense control and also more effective spending.
Besides all these, Verizon has shown interest in acquiring Yahoo and if this turns true there could be another 1,000 jobs cut post-acquisition.