Internet company Yahoo has announced plans to cut 15 percent of its workforce, after reporting a $4.3 billion loss for the year.

The job cuts are part of CEO Marissa Meyer’s attempts to turn the struggling company around, and would reduce its workforce to just 9000. Yahoo, once a pioneer in the Internet world, is now struggling to compete with fast moving companies such as Google and Apple. In a statement, Meyer said:

“This is a strong plan calling for bold shifts in products and resources,” continuing that it will “dramatically brighten [Yahoo’s] future and improve competitiveness”.

Meyer has so far been pursuing a plan to spin off its core Internet business, but first needs to get the company back in the black with a series of cost cutting measures. However, this announcement is a further sign that Meyer may be willing to sell the business as shareholders grow impatient at the slow pace of its turnaround.

Shares in Yahoo (NASDAQ:YHOO) have fallen 36 percent over the last 12 months, and slipped a further 1.72 percent on the news in after hours trading.

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