The offices closing will be in Dubai, Mexico City, Buenos Aires, Madrid and Milan. The layoffs will mean the company will have only 9,000 employees by the end of 2016. The overall goal is to reduce operating costs by $400 million in the coming year.
The company brought in $1.27 billion in revenue during the quarter. The company had a huge writedown of $4.5 billion. Ouch.
In a statement CEO Marissa Mayer said, "today, we're announcing a strategic plan that we strongly believe will enable us to accelerate Yahoo's transformation. This is a strong plan calling for bold shifts in products and in resources."
During the earnings' livestream Mayer noted that when she took over, the company was full of legacy businesses and a declining revenue stream that had to be shuttered. She noted that the Mavens (mobile, video, native and social) sector was a revenue source that had an "incredibly fast growth line of business."
Mayer also said that it needs to be engage its users and will focus on its top businesses, Search, Mail and Tumblr. It will also be even more bullish on mobile with upcoming changes to the sports and finance apps and the recent change to the search app.