Yahoo!

Yahoo has announced plans to cut its global workforce by 15% as part of an "aggressive strategic plan" to turnaround the company's fortunes.

The online giant said its workforce would be reduced to around 9,000 employees by the end of the year. The job cuts were prompted by a $4.3 billion (£3bn) loss in 2015.

The aim of the job cuts is to make Yahoo more streamlined in order to better compete with the likes of Google.

Marissa Mayer, Yahoo chief executive, said: "This is a strong plan calling for bold shifts in products and in resources."

She added that the strategic plan "will dramatically brighten our future and improve our competitiveness, and attractiveness to users, advertisers, and partners".

Yahoo will close its offices in Buenos Aires, Dubai, Madrid, Mexico City and Milan. It will also sell certain areas of the business, like Yahoo TV and Yahoo Games, in order to focus on its core operations - search, email and Tumblr.

Yahoo's shares fell 1.4% following the announcement.