(MENAFN) Activist investment firm Starboard Value urged Yahoo to make "aggressive" cost cuts and narrow its focus to deliver more value to shareholders, AFP reported.
Starboard said to Yahoo's board that the spinoff of Yahoo's stake in Chinese Internet giant Alibaba was "a good first step" but that more is needed to "unlock" value for shareholders.
Starboard's managing member's letter said Yahoo "remains deeply undervalued" but that urgent action is needed to shore up the core business of the Internet pioneer.
"We believe the time has come for Yahoo's management and board to narrow Yahoo's focus to areas where it can demonstrate a high return on investment and sustainable competitive advantages," the letter said.
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