(MENAFN) Yahoo Inc., the plagued American multinational technology company, prepares for a massive layoff, as part of the firm's cost-cutting plan that includes chopping 15 percent of the work force, nearly 1,600 positions.
Additionally, investors appear to have lost all confidence in management and the board after the company, led by its embattled CEO has obviously measurably failed to turn around Yahoo's core Internet business.
The highest-read news and media website, has been receiving criticism lately after it has reversed course in early December and decided not to sell off its lucrative stake in China's Alibaba and instead spin off its core Internet business.
Meanwhile, as of June 2015, roughly 700 million people visit Yahoo websites every month, and the company itself claims it attracts more than half a billion consumers every month in more than 30 languages.
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