Yahoo Preparing to Lay Off 700 Workers

It looks like the layoff rumors were true, as many as 700 Yahoo employees are getting the axe for Christmas.

Employees could be notified of the job cuts as early as Tuesday, according to a person familiar with Yahoo’s plans. The person asked for anonymity because Yahoo hadn’t made a formal announcement. The planned cutbacks represent about 5 percent of Yahoo’s work force of 14,100 employees. It will mark Yahoo’s fourth mass layoff in the past three years.