Yahoo will be shutting down its digital magazine operations and further lay off 300 jobs in the coming month.
Yahoo Inc. is dealing with immense pressure in the tech fraternity. The company has several issues to be concerned about recently. The US tech giant has been in the limelight since quite some time now where all news regarding it seems to be quite pessimistic. Yahoo has finally decided to go for the cost cutting strategies. In previous weeks, it announced to lay off as many as 1,500 jobs globally as well as shut down several operations and projects that were not too beneficial.
YHOO also said that it would streamline its business and restructure in order to revive the company. On Wednesday, it announced to shut down the digital magazines as a part of its previously announced plan i.e. to simplify business. Yahoo was not generating any revenue at all and in order save itself it had to take actions. Cost cutting and simplified business was two of them that might at least get the firm on the right track. The US internet giant also pulled chords on Yahoo Labs a couple of days ago.
It is official that the digital magazines of Yahoo will be discontinued which covered food, health, parenting, real estate, and travel. The firm confirmed the closing down through its blog post and added that its simplification of business indicates that it will now entirely focus on finance, lifestyle, news, and sports.
The search engine giant also said that it will be bidding farewell to more than 300 employees by April 18. This layoff round is a part of its 1,500 job cuts which was previously announced. According to Yahoo’s note to the state officials, “The layoffs cover 128 employees at Yahoo's headquarters in Sunnyvale, California; 46 employees in San Francisco and 60 in Los Angeles.”
Furthermore, Yahoo already closed down its offices in Buenos Aires, Dubai, and Mexico. Now it has plans to shut down its Burbank office which will also affect nearly 90 jobs, as reported by San Francisco Chronicle.
Yahoo was not immediately available to comment on this issue. For that matter, it has not responded on any previous news as well which included the sale of Alibaba stakes as well as the sale of its core internet business. The investors are pressurizing Yahoo to its core so that it decides it future once and for all. At one point the board is considering the sale of its business. But the CEO Marissa Mayer is happy to keep on going with this vowing that the tables will turn with the new strategic plan.
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