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Yahoo to close Madrid headquarters to offset multi-billion-dollar losses
EMAIL provider and search engine Yahoo has announced the closure of its Madrid office due to major losses.
Last year, the US-based corporation recorded losses of $4.36 billion (just under €4bn), leading its bosses to decide to axe 15% of staff.
Offices in Madrid, México DF, Dubai and Buenos Aires will close down as part of an 'aggressive strategic plan', which will also involve a drive to increase its earnings from mobile phone operations, video and social networks up to US$1.8bn.
Yahoo is seeking a gross exploitation result, or EBITDA, of US$1bn for the second half of 2016, and to reduce its operating costs by more than US$400 million by the end of the year.
“We have announced a strategic plan which we firmly believe will allow us to accelerate Yahoo's transformation,” announced the company MD, Marissa Mayer.
Chairman of the board Maynard Webb said he supported 'all efforts' by the management team and 'fully backed' the announced plan.
“The board of directors also believes that exploring alternative additional strategies at the same time as the current management plan will benefit shareholders,” Webb announced.
Yahoo's losses of US$4,359,000,000 contrast sharply with its profits of US$7.52bn in 2014, partly helped by a US$6.3bn boost through the excision of its participation in Chinese online trading company Alibaba.
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