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Yahoo! Inc. (YHOO) Getting Closer to Starboard Value’s $500 million mark

Yahoo! Inc. (NASDAQ:YHOOisn’t exactly a flourishing business as of now, and therefore whatever advice the company’s CEO, Marissa Mayer can take from its investors that could potentially shake things up, hopefully in the right direction, she has to take it. Starboard advised Mayer to cut costs by as much as $500 million last year. In an article on The Wall Street Journal Douglas Macmillan informed that the tech company has taken this cost cutting war to China as it plans to layoff 200 to 300 employees and close off its Beijing research center.
Alibaba Group Holdings Ltd (NYSE:BABA)
Since October, Yahoo! Inc. (NASDAQ:YHOO) has laid off some 700 to 900 workers most of which have been outside U.S. However, the head office in California hasn’t been spared entirely as well. Macmillan quoted the company as saying, “we will be consolidating certain functions into fewer offices, including our headquarters in Sunnyvale, California.” Yahoo”s total staff stands at around 12,500 which makes the current Beijing layoffs represent 2% of the company’s workforce.
In 2013 Yahoo! Inc. (NASDAQ:YHOO) had already stopped offering its services in China. At that time, it told the users of its email service to shift to Alimail, Alibaba Group Holding Ltd (NYSE:BABA)’s email service. Yahoo owns about 384 million shares in the Chinese e-commerce giant. Investors had been piling up in Yahoo hoping for a tax free spinoff, which the company announced in late January this year.
Yahoo! Inc. (NASDAQ:YHOO) hasn’t exactly had an amiable relationship with either Chinese or their government. Mayer’s company has had to settle a lawsuit with families of two Chinese dissidents in 2007, when information provided by Yahoo led to their arrest.
Marissa has also been censured by critics for making meaningless acquisitions, that Yahoo! Inc. (NASDAQ:YHOO) ended up paying for much more than what it should have. The latest of these being the purchase of BrighRoll, an online advertisig platform that the company paid $640 million for. These acquisitions havent been able to turn around the company, which although is up by about 15% over the last year on back of Alibaba’s IPO, it is still down by about 12% year to date.

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