05/16/2009 05:12 am ET | Updated May 25, 2011

Yahoo: Major Layoffs Planned Under New CEO

SAN FRANCISCO (AP) -- Yahoo Inc. is gearing up for its third round of mass layoffs in 14 months, signaling the long-slumping Internet company is still struggling to snap out of its financial malaise under a new leadership team.

The cuts will likely affect several hundred employees, a person familiar with the plan said late Tuesday, confirming a report first published on The New York Times' Web site.

Read more on Yahoo! Finance