(AP) -- First the stock price tumbled and advertising revenue sank. Then managers started bailing out. Now in yet another sign that former dot-com darling Yahoo! Inc. has come crashing to earth, the
Internet portal is cutting 12% of its work force. That translates to about 420 of its 3,510 employees, most of whom will be laid off in the next month. The layoffs, the first in Yahoo's seven-year
history, were announced Wednesday as the company said first-quarter earnings beat Wall Street's sharply reduced expectations. With Yahoo seeing its first year-to-year decline in quarterly revenue, the
company is streamlining to focus on "essential services," centralizing operations and reducing marketing, chief executive and chairman Tim Koogle said Wednesday.