Yahoo Beats On Sales And Axes Workforce By 15%

Yahoo Inc. reported stronger-than-expected revenues late Tuesday and announced plans to cut 15% of its workforce and explore strategic alternatives for its core business. The company reported a net loss of $4.4 billion, or $4.70 a share, compared with a year-earlier profit of $166 million, or 17 cents a share. Excluding one-time items, Yahoo said it earned 13 cents, matching the FactSet consensus estimate. Ex-TAC revenue fell to $1 billion compared with $1.17 billion last year, topping average estimates of $948 million. The company said it will shut five global offices and reduce its employee count to 9,000 by the end of 2016.