Yahoo would be laying off 10 per cent of their work force during the fourth quarter of 2008. The move comes as part of Yahoo’s cost cutting efforts 8 months  after they turned down Microsoft’s offer to buy them out for $45 billion.

“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,” reports Economic Times .