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Yahoo firing 1,500 workers; 3q profits fall 64pct

Driven by the falling market and investor dissatisfaction over the failed Microsoft buyout, Yahoo will fire at least 1,500 employees after their stock plummets 64% in 3Q.

The purge outlined Tuesday represents a 10 percent reduction in Yahoo's payroll of about 15,000 employees. It's the second time in nine months that Yahoo has resorted to mass layoffs in what so far has been an ineffectual effort to rebound from a financial funk that has left its stock price near a 5 1/2-year low.

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Posted by | Tue, Oct 21, 2008 - 05:52 PM