In a move which marks the latest of Yahoo CEO Marissa Mayer's ongoing attempts to bring the beleaguered Internet firm to profitability, some of the company's product lines are being axed so that more resources can be funneled into mobile.

After having commenced the roll out of the substantially revamped Yahoo! Mail interface in December, Yahoo has now followed up on that move, with its recent unveiling of a sparkly new dedicated Yahoo! Mail app for the Apple iPad and Android-based tablets.

According to a Monday blog post by Adam Cahan, Yahoo's SVP of mobile and emerging products, Yahoo is acquiring London-based news summarising startup Summly, the developer of a mobile app which facilitates users in reading news stories and other content on the smaller screens of smartphones.

According to reports, Internet firm Yahoo will soon announce its expansion plans, under which the company will make an announcement about its decision to create 200 new jobs in Ireland over the next one year.

In a move which marks the most significant product revamp for Yahoo ever since the CEO Marissa Mayer took over the reins of the company last year, the Yahoo website is being overhauled such that some of the familiar Facebook features - including newsfeed and people's "Likes" - will be incorporated into it.