A billboard for the technology company Yahoo in Washington, D.C.
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Yahoo is laying off about 1,700 employees and shedding some of its excess baggage in a shake-up likely to determine whether CEO Marissa Mayer can save her own job. The long-anticipated purge, announced Tuesday, will jettison about 15 percent of Yahoo's workforce along with an assortment of services that Mayer decided aren't worth the time and money that the Internet company has been putting into them.Mayer also hopes to sell some of Yahoo's patents, real estate and other holdings for $1 billion to $3 billion.Some of Yahoo's most outspoken shareholders, such as SpringOwl Asset Management, already have concluded that Mayer should be laid off, too.Mayer, a former rising star at Google who helped that company eclipse Yahoo, defended her performance. Most of that money has been flowing to Google and Facebook – two companies once far smaller than the now 20-year-old Yahoo Inc.Things continue to look bleak, as Yahoo forecast a net revenue decline of 12 to 17 percent this year.
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