Yahoo announced nasty earnings and another round of layoffs today.

This is Yahoo's third round of slimming the job force in the last year.  The layoffs will affect about 5 percent of Yahoo's 13,500 workers and employees will start getting the "pack your belongings and get out of here" notices over the next two weeks.

The last two cuts totaled 2,500 jobs... so that's a total of about 3,200 jobs, or 20 percent of the original work force that started 2008 with Yahoo!  Boo! Hoo!

Yahoo's earnings dropped 78 percent from the same period a year ago as the search engine earned $118 million in the first quarter... if you can't do the math, that means they earned $537 million in the first three months of last year.  More than a $400 million difference!

Facebook, MySpace and Google are making Yahoo an internet dinosaur about to go extinct... but investors applauded the cost saving cuts as the stock gained more than 5 percent today, closing at $14.38.  Yay for Yahoo, but don't even think about hopping on that train.

Read more here.