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Yahoo! Lays Off 4 Percent of its Workforce

It's the end of the year, which means two things: Time to prepare for the holidays and, if you're a business, time to trim the fat before the new year starts. Well, that's just what Yahoo! is doing as the company has revealed it will be relieving 600 people of their duties at Yahoo!

Yahoo! this week announced that it will be letting go 4 percent of its workforce. Staff began receiving notification on Tuesday. The web portal said in a statement that the layoffs were an effort to boost revenue growth and added that Yahoo! would continue to hire staff globally:

"Today's personnel changes are part of our ongoing strategy to best position Yahoo for revenue growth and margin expansion and to support our strategy to deliver differentiated products to the marketplace. We’ll continue to hire on a global basis to support our key priorities."

The news represents a fourth round of cuts for the company in the space of two years. Yahoo! cut 1,000 people at the beginning of 2008 only to cut another 1,000 in October of the same year. Shortly after Carol Bartz joined the company as CEO (January of '09) Yahoo! cut a further 5 percent of its workforce.