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Wednesday, November 10, 2010 admits it isn't the answer

Its corporate parent will severely downsize the search engine, saying it can't compete against other search engines, especially Google., the Internet search engine that media mogul Barry Diller acquired for $1.85 billion to compete with Google (GOOG), is cutting 130 engineering jobs and conceding much of its search business to competitors., a unit of Diller’s IAC/InterActiveCorp (IACI), is firing engineers based in Edison, N.J., and Hangzhou, China. It's ceasing work on its algorithmic search technology, according to President Doug Leeds.
IAC shares fell 1.3% to $28.30 in regular trading today but rallied 1.6% to $28.75 after hours.

Leeds said Google has become too powerful a competitor to justify’s continued pursuit of those search users.
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