By Daniela Bernini, Tobias Bertram, Thomas Dornis, Nofil Fawad, Asif Shaw, Ron Teagarden and Dan VanDusen
“Yahoo has been here for fifteen years. We are the Internet. Unfortunately, we sit in a paradigm that values the new shiny penny,” Carol Bartz CEO of Yahoo!
Yahoo, once the leader in internet services, is struggling to implement a growth strategy to keep up with competitors such as Google and Facebook. Yahoo used to be the portal for Internet users, but over the last 10 years Yahoo’s market dominance has been severely dampened by new entrants. Yahoo announced a reduction in force of about 600 employees this month, or 4 percent of its workforce, the third such action since 2008.