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Hundreds to Lose Jobs at Yahoo

FILE - Yahoo president and CEO Marissa Mayer speaks during the International Consumer Electronics Show in Las Vegas.

Yahoo will cut about 15 percent of its workforce as part of a strategy to turn the troubled Internet company around.

The long-anticipated purge announced Tuesday will jettison about 1,500 jobs, close some offices worldwide and explore selling some assets.

CEO Marissa Mayer hopes to sell some of Yahoo's unwanted services for about $1 billion, though she didn't identify which ones.

Yahoo's revenue has been shrinking through most of Mayer's reign, even though she has spent more than $3 billion buying more than 40 companies, while bringing in new talent and developing mobile applications and other services designed to attract more traffic and advertisers.

Yahoo's sluggishness in advertising comes after Internet rivals Facebook and Google topped fourth-quarter earnings expectations, largely on strong growth from their advertising businesses.