February 2, Yahoo will announce its latest earnings, foreign media quoted informed sources as saying, Mayer plans during the earnings conference call about its strategic plan for the next step, and then assess shareholder reaction.
At present, Yahoo continues to resist an investor's core Internet assets for sale. And Reject the company's proposal to buy its core network services. If directors would believe Meyer their new revitalization plan, Mayer may also be directly deposed.
Because of the current Yahoo road was still difficult.
, Unable to launch Star products
Founded in 1994 by Yahoo, once the user's most visited portal site, declined due to miss the tide of search and social, decline in performance year after year, internal morale. Although frequently change, still no one can lead the company out of trouble.
2012 Mayer began taking over as Yahoo's Chief Executive, and President of Google's beauty, has been responsible for the Google search engine and Google maps and other products, management 2000 engineers, is considered to be one of Google's most powerful executives. Brilliant curriculum vitae together with Google in Japan, when style and Mayer hopes by many Yahoo investors, think she can boost stock prices, lead the company out of trouble.
Office of early, Mayer for has drastic of reform, first is around employees of initiatives, including boost morale, let employees on Yahoo future full confidence, created a similar Google of work environment: to employees free issued high-end intelligent machine, and paid flow and phone fee, provides free lunch, these measures won engineers of welcomes, then Yahoo senior talent of loss rate quickly declined, Mayer of support has also reached 97%, even to restaurant dinner are will was station up applauded.
Then around the user, by creating outstanding products, drive subscriber growth, allowing advertisers to increase advertising spending and generate more revenue for Yahoo. At this stage, Mayer began focusing on mobile, Yahoo still has a lot of good assets, photo community Flickr, Yahoo mail, Yahoo Finance service today has 700 million global users.
Mayer has repeatedly stressed the importance of the mobile Internet, thinks these quality gradually turned to mobile Internet services, are key elements for Yahoo to remain competitive in the future and to rise again. Yahoo then apply these quality-oriented smart-phone and tablet computer users to optimize, when the company's only 200 million monthly active users of mobile devices, this data has exceeded 450 million in less than two years.
But unfortunately Yahoo began a influential Star products cannot be introduced, and good products are important to Silicon Valley companies. In the Apple app store App Store, Yahoo ranked the top application is Yahoo Mail, the app is ranked 75th. Application in the App Store rankings, three came from four applications before Facebook; the top two came from Google. Even the McDonald's and Wal-Mart ranked than Yahoo front.
Second, acquired mobile services difficult to integrate
Although you cannot create a sensational product, but it may not be a good way out, Yahoo is trying to purchase talents, transition to a mobile terminal. Mayer open buy buy buy model, according to incomplete statistics, by the end of 2014, Yahoo has bought 46 companies. Including the light blogging service Tumblr summary, news service Summly Xobni, and iOS platforms, communication management applications automatically make Qwiki movies and so on.
According to Mayer's plan, Mayer turning Yahoo into a "major companies engaged in mobile", and within a short time through frequent Yahoo is expected to find enough relevant professional.
In terms of original objectives, Yahoo should force mobile service, will be integrated and part of the resources available. But the reality is, Mayer acquired companies are mainly engaged in different industries, and buying is generally smaller.
Faced with such a messy takeover, some of whom even questioned, saying that "what is the value of". Insiders said that, so far, have yet to see Mayer on the integration of these acquisitions strategy. If expected to shore up their resources through acquisition, Yahoo indeed enrich the talent pool. But from a shareholder perspective, light burn but no actual input and should not be tolerated.
Three split, split Alibaba expend too much energy
If Yahoo worth investors covet the decline is no doubt Yahoo stake in Alibaba. Actually it has become Yahoo's financial crisis the buffer and revive Yahoo's biggest capital.
Yahoo in 2005 for $ 1 billion to buy a 40% per cent in 2012 was part of the repurchase last year after Alibaba holdings, at this stage still holds about 15% shares.
Last January, Yahoo announced that the tax-free spin off this part of the current market value of more than $ 30 billion in assets, split into an independent registered company Aabaco, that is injected into the stake held by Aabaco, then to Aabaco shares in accordance with the share allocated to all Yahoo shareholders. Yahoo's plan to split the struggling Yahoo shareholders had a major boost, if achieved tax-free split of Yahoo shareholders and Ali is a huge benefit.
United States Internal Revenue Service official suggested that the split may not be tax-deductible, Yahoo has wrong-footed one, split the company's plans began to hesitate.
Last September, tax cloud of dust has finally settled, spin off company stock ownership does not by the United States Internal Revenue Service (IRS) agreed with the tax. If you continue to split, then shareholders may eventually need to pay about $ 12 billion in taxes and fees. Yahoo's market value at that time will be cut to about $ 20 billion.
Huge transaction costs were split by urging investors to start into calling on Yahoo to stop splitting up the company stock ownership plan. In 2015 the International Consumer Electronics Show, Mayer announced that Yahoo give up to spin off its stake in Alibaba, and prepared a long split eventually ended sadly.
Four, large shareholders to abdicate
Meanwhile, Mayer began to encounter the door "barbarian" that major shareholders to abdicate, because they could not lead Yahoo realize revitalization, stock prices continued to drop, leading to investor interests cannot be protected, Mayer in Yahoo's vulnerable position.
Now Yahoo's market value does not reflect the real value of Yahoo, Yahoo's Alibaba holdings hands 15% and hold 35% of Yahoo Japan shares, the two together is greater than the market value of Yahoo to remove Yahoo's cash and short-term investments, and other factors, means that Yahoo's core business, such as online content and advertising, are not only worthless but also in negative equity. Mayer actually shares in Yahoo rose since taking office are believed to be Ali Baba and the Japan Yahoo's push, and less to do with Yahoo's core business.
Release the value of Yahoo's core business became the urgent demand of investors.
But Mayer does not agree with the direct sale of Internet assets of the investor advice, but consider splitting up the Internet business, including holdings in Yahoo Japan 35% shares, and then formed an independent company to release the value of Yahoo's core Internet business and spin off plan calls for more than a year's time, which many investors ' ire.
Investors clearly hope for Mayer revitalizing Yahoo no longer, fearing competition from Google and Facebook, Yahoo's Internet business could fall further. Yahoo shareholders Canyon Capital Advisors last week sent a letter to Yahoo's Board, urging Yahoo to sell its core business or the entire company, rather than continue to waste money. Activist investor Starboard Value also repeated calls for direct selling of Yahoo's core Internet business.
Starboard and even said that if Yahoo's Board was still unmoved, the company hopes to gain several seats on Yahoo's Board of Directors, or are nominated to replace all the directors. Yahoo launched a proxy fight.
However, despite the many difficulties, captains role is questioned by analysts, but Mayer said in an interview with the financial times on Yahoo is still full of confidence in the future, that he does not does not intend to step down. In fact the Yahoo Board Director selected by the Mayer, Mayer had opinions about executives have left, so Mayer relies more on the Board of Directors, may not easily give up Mayer, Yahoo's Board has hired her commitment, will give her freedom of restructuring the company's decision-making and prove himself time. From this side, investors want Meyer to step down is not easy.
Revitalizing Yahoo may well depend on Mayer, Mayer's new plan specifically what layoffs? Spending cuts? Focus on the important business? The introduction of strategic investors for market management? We do not know. But one thing is certain is Yahoo's road to recovery is still long.
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