Yahoo deterioration deepens as company mulls possible sale
SAN FRANCISCO (AP) - Yahoo has hung out a "for sale" sign without doing much to improve its curb appeal.
The latest snapshot of the Internet company's deteriorating condition emerged late Tuesday with the release of its first-quarter report.
After subtracting ad commissions, Yahoo's revenue fell 18 percent from the same time last year, to $859 million. It's the largest decline in Yahoo's quarterly net revenue since the company hired Marissa Mayer as its CEO nearly four years ago.
Yahoo lost $99 million during the period, compared with a $21 million profit last year. A big chunk of the loss stemmed from the costs of laying off about 1,000 workers during the quarter to reduce the company's workforce to 9,400 employees through March.
The company is still considering whether to sell its Internet operations.