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.