Yahoo! (Nasdaq:YHOO) Laying Off 5 Percent of Work force

Yahoo! Inc. (Nasdaq:YHOO) will reportedly lay off up to 700 workers, and it appears at least 600 workers, representing close to 5 percent of their 14,100 work force, according to a source not wanting to be identified.

The person said the news could come as early as today, December 14. Lack of growth was cited as the reason for slashing jobs.

This round of layoffs, the fourth over the last three years, will primarily be in the U.S. products group of the company.

The Yahoo! failure is all about ads, and reveals they're not on the top of marketer's minds when thinking of ad sales, as competitors have been rebounding nicely, while Yahoo's ad sales are flat.

Most workers at Yahoo aren't going to be surprised by the news, as for over a month rumors have been circulating that they're getting ready for another round of layoffs.

Yahoo closed Monday at $16.70, down $0.31, or 1.84 percent.