Yahoo! to cut up to 700 positions

Dec. 14, 2010 at 12:16 PM
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SAN FRANCISCO, Dec. 14 (UPI) -- U.S. search engine Yahoo! Inc. is laying off up to 700 employees due to sluggish company growth, a source told The Huffington Post.

Yahoo! has not made the announcement yet but is expected to notify employees Tuesday, The Huffington Post reported.

Yahoo! has announced three major layoffs in the past three years. The latest cutback would trim company ranks of 14,100 employees by 5 percent.

Compared with rival Google, Yahoo! has experienced lethargic growth with revenue up less than 2 percent in the first three quarters of the year to $4.8 billion.

Revenue at Google over the same period has climbed 23 percent to close to $21 billion.

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