Internet major Yahoo Inc. (YHOO – Analyst Report) reported Q4 earnings after the bell on Tuesday, and results look to have come in a bit better than expected, at least on the top line. However, this is one company that’s got much bigger fish to fry in the near-term, and analysts appear to be scrambling to make sense of it.

Yahoo’s board explained that it will continue to pursue its “reverse spin” arrangement — whereby, instead of selling off its holdings in Chinese search giant Alibaba [(BABA – Analyst Report)], it will spin off Yahoo shares instead — while at the same time consider strategic alternatives to running the business in the future. Also, “additional strategic alternatives… will be of interest to shareholders.” Further, “qualified specific proposals” will be considered. But what are these proposals?

As expected, Yahoo will be laying off 15 percent of its workforce in 5 cities, helping increase value in the company, likely especially its core business, or Maven (mobile, video, Nativem [advertising] and social), for which Yahoo may currently be shopping for a buyer. The company plans to cut $400 million in revenue expenses.

The Maven core strategy has been growing at strong double-digit paces year over year for the past couple years now, which shows the relative strength of Yahoo’s mobile unit, in terms of growth. Total traffic-driven revenue looks to continue its strong growth pace in fiscal 2015 from a year ago, as well.

Earnings per share for Yahoo (accounting for stock-based compensation and other before non-recurring items [BNRI]) reached 2 cents in Q4, missing the Zacks consensus of 5 cents per share. Revenues of $1.002 billion topped the Zacks consensus of $949 million. So, even with so many moving parts and uncertainty hanging over Yahoo like a cloud currently, when the fog lifts, call it a mixed report. (Note: the company reported headline earnings number of 13 cents per share, which would represent an earnings beat for the company.)

Yahoo’s conference call is coming up soon, and there will be lots and lots to talk about. Whether CEO Marissa Mayer will be the one taking the helm in explaining whatever direction Yahoo might be pointed toward remains to be seen.