No Happy Holidays for Yahoo 600
Yahoo's woes continue as it axes 600 of its employees ahead of the holidays.
Yahoo spokesperson Kim Rubey told Reuters that the company would be laying off about 600 employees, or 4 percent of its total workforce of 14,100 employees.
The one-time internet pioneer has fallen on hard times over the last few years, thanks to mismanagement, bureaucratic inertia and a series of unsuccessful merger moves. Yahoo famously spurned Microsoft’s more-than-$30-per-share offer - a move which seems ill-considered in hindsight. In 2008, Microsoft offered $45 billion for Yahoo. The portal is now worth about $21 billion by market capitalization.
Full story over at Wired.com: Yahoo’s Yuletide Layoffs Confirmed.