More bad tech-sector news this morning: Seminal search engine company Yahoo! cut ten percent of their workforce yesterday.
The struggling old-school dot.com company says they are laying off 1,500 workers as a means of cutting expenses, and, while their troubles pre-date the current economic downturn, the falling economy sure isn't helping the company. Yahoo! had been talking to Time Warner about a possible merger, as well as a partnership with Google, but those talks seemed to have gone nowhere.
“They just have to batten down the hatches, lighten the load and ride this thing out,” said Jeffrey Lindsay, an analyst with Sanford C. Bernstein & Company.