- Re/code reported that Yahoo has hired McKinsey & Co to help reorganize its core businesses.
- The management consulting firm will reportedly help Yahoo decide on its strategy going forward.
- Yahoo has been struggling to boost revenue and faces stiff competition from Google and Facebook.
Yahoo has been attempting to revive its business by spending more to get users on its websites, but the company’s revenue fell to $1.0 billion in the third quarter from $1.09 billion a year earlier, and it forecast a drop to $920 million-$960 million in the current quarter.
Several top executives have also left in the last couple of months. Overall, Yahoo’s stock has fallen about 32% in 2015.
The company declined to comment on the reported new arrangement, as did McKinsey.
Yahoo is also preparing to spin off its 15% stake in Chinese e-commerce giant Alibaba Group Holdings.