Yahoo has announced that it will focus on e-commerce in an attempt to revive the one-time search engine leader’s fortunes.
The Internet giant, now helmed by former PayPal CEO Scott Thompson, said it will go forward to plough investments in email and media content but will create a new division designed for the e-commerce industry.
“To be very clear, our highest priority is winning in our core business, and that will earn us the right to pursue new growth opportunities,” said Thompson in a memo to his staff.
The new CEO’s problem revolves around the question regarding Yahoo’s current core business, especially now that it dropped from Web search after signing an agreement with Microsoft to drive search results through Bing.
When it comes to media content, Yahoo does not have a solid gain from its ownership of photo-sharing site Flickr.
Last week, the company announced to lay off around 2,000 employees to cut down expenses, with Thompson saying that its three new division heads will present plans in the weeks to come; however, Yahoo still has to announce its financial report next week, so let’s cross our fingers on the company’s future.