Yahoo Finance’s chief financial officer, Andrew Ries, said that Yahoo has a “very, very good” financials team but said that its financials have been “totally messed up” by the company’s recent restructuring and merger with AOL.
Yahoo Finance CEO Andrew Rieger said in a statement that the company “failed to address the issues raised by our team and has had to go through multiple rounds of corrective action” to correct its financial missteps.
“While we continue to learn and improve, we are focused on the task at hand and our investors,” Ries wrote.
“Yahoo Finance is a very strong and growing company, and we continue our mission to serve the broader public by providing a great product and great service.
We look forward to working with our investors and partners to continue to grow Yahoo as a company.”
Yahoo’s chief executive, Marissa Mayer, said on Wednesday that Yahoo is “doing better” than many other technology companies but she said that the stock has not recovered to its peak.
“It’s not a good time to be in this market,” Mayer said during a conference call with analysts.
“And I think what we see today is the start of a long-term recovery for Yahoo, but we’ll see how things play out.”
Yahoo shares have been in free fall since late August.
They were trading at $30.25 on Wednesday.
Yahoo was valued at $53 billion in 2014.
Yahoo’s merger with the internet giant AOL was supposed to be the start to Yahoo’s turnaround.
It was the largest technology deal in history.
Yahoo agreed to buy AOL for $315 billion in July, with Yahoo offering AOL shares in exchange.
Mayer said that she believes Yahoo is now in a stronger position to succeed in its merger with Yahoo.
The Yahoo stock is down 10% this year.
Ries said that Mayer’s company’s financial strategy is “not working,” and that the acquisition is not “the right move.”
“The strategic change was not enough.
The strategic shift was not good enough.
And the strategy was not focused enough,” Riegers said.
Rieges said that he hopes the company can “re-create” its strategy and “build out a strong financial pipeline.”
Mayer, however, has not made the same promises.
“She doesn’t have a plan to grow,” Ried said.
Yahoo announced the merger with Microsoft last month.
Yahoo CEO Marissa Meyer on Wednesday said that “the merger is good for us.”
Microsoft’s stock has been in a steep decline, hitting its lowest level in more than five years in September.
The company’s stock is currently trading at about $25.20.
Ried has said that Microsoft is in a strong position to grow its business, but the company has been slow to turn around its fortunes.
The Microsoft deal is expected to close in the second half of this year and Yahoo said that it would use the money to fund a series of acquisitions.
Mayer, meanwhile, has been pushing to sell Yahoo’s stock as part of her turnaround plan.
She said on Tuesday that the deal is “good for Yahoo” and that she would make a decision on the sale soon.
The stock price has been steadily declining since Mayer took over Yahoo, dropping about 40% in the past two months.
Mayer has said in the last week that she is “100% committed to our shareholders.”