Acts on tyrosine phosphorylated proteins, low-MW aryl phosphates and natural and synthetic acyl phosphates with differences in substrate specificity between isoform 1 and isoform 2. H2O + O-phospho-L-tyrosyl-[protein] = L-tyrosyl-[protein] + phosphate a phosphate monoester + H2O = an alcohol + phosphate Inhibited by sulfhydryl reagents. Interacts with EPHA2; dephosphorylates EPHA2. Interacts with EPHB1. Interacts with the SH3 domain of SPTAN1. Phosphorylated by LCK. Phosphorylation at Tyr-132 increases its phosphatase activity. Belongs to the low molecular weight phosphotyrosine protein phosphatase family.