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Yahoo to lay off 1,500 employees

10% of staff go after disappointing results

Yahoo has announced it intends to cut 10 percent of its staff following disappointing financial results.

Still, the layoffs, Yahoo's plunging stock price and the sagging revenue will no doubt re-ignite the criticism from naysayers who blame Yang and Yahoo's board for causing the collapse of Microsoft's attempts to buy the company earlier this year.

In May, after a three-month pursuit, Microsoft walked away from the deal after a $33 (£20) per share offer was rejected by Yahoo's board, which sought a $37 (£22.5) per share offer.

Financial and industry analysts agree that over the past five years, Yahoo has lost its technology edge, which has caused it to miss major growth opportunities in areas like search, on-line video, blogging, syndicated feeds and social networking.

Yahoo has a number of ambitious technology initiatives that its executives believe will put the company back on track. However, those projects, such as the Yahoo Open Strategy (Y OS) project, have a long term scope.

Y OS, announced in April, is a complex project to open Yahoo services up more broadly to outside developers and to create for end users a single dashboard to manage their Yahoo services and on-line activities in general.

Y OS is still in its early stages, and its initial components haven't all been particularly impressive, like last week's revamp of the Yahoo user profiles, which has been blasted by many people who don't like the changes.

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