Marissa Mayer to outline the new new new turnaround plan for Yahoo

Yahoo is apparently set to embark on a new phase of its never-ending turnaround.

During its earnings call on Tuesday, chief executive Marissa Mayer will outline new cost-cutting plans as well as a new acquisition strategy as the company comes under intense pressure from an activist investor, according to the Wall Street Journal.

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The question now: How much longer does Mayer have before she must show some progress?

The latest turning of the screws comes courtesy of Starboard, an activist investor that announced it took a stake in Yahoo last month. In a letter, Starboard asked Mayer to cut costs and consider a merger with AOL. Starboard said it worries that if nothing dramatic happens soon, advertisers will accelerate their shift away from Yahoo to rivals like Google and Facebook.

Now that Mayer has a neat $5.8 billion from the Alibaba IPO, she’s on the hunt for some big fish that could change Yahoo’s fortunes, according to the Journal.

Since Mayer became CEO of the perpetually struggling Internet company in July 2012, she’s made a string of acquisitions, most notably snapping up Tumblr for $1.1 billion. She has also invested in expanding the company’s media offerings. And she has even redesigned the logo.

Yet nothing seems to have awoken Yahoo from a decade-long coma during which it has neither grown nor completely collapsed. Indeed, revenue has declined in four out of the last five quarters, and analysts are projecting a 2.8% drop for the latest quarter.