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Slowly but steadily, Microsoft Bing has become a potent threat to Google in the search market. Over the last few months, Microsoft’s aggressive strategy with Bing has started to yield market share gains over competitors Google, Yahoo and AOL in the U.S. search market. Bing’s market share, which was around 11% in September 2010, is now close to 14% as of February 2011.

Yes, Yahoo is launching a new product today that you might actually be interested in. It's derivative, but it looks useful.

Today at a press event in San Francisco, the company announced the launch of a new product called 'Search Direct'.

Matthew Rothenberg, the man who most believed ran Flickr for Yahoo!, announced his departure in a Tweet today.

No wonder Google seems so panicked about Bing. The latest results from market researcher Experian Hitwise show not only that Bing grew at Google's expense in January. They also show that Bing is delivering more accurate results. In the U.S., Bing now powers more than 27% of search results, up from 25% in December. That's despite a slight decline in traffic to Yahoo's search site, which has been powered by Bing since December.

Yahoo Inc's quarterly net revenue slid 4 percent and it forecast a further slide this quarter as it struggles to revive growth in the face of intense competition from Google and Facebook.

News Corp. isn’t ready to pull the plug on MySpace just yet, but it is prepared to cut the cord. CEO Mike Jones told employees yesterday that the media conglomerate is “exploring strategic options” for the past-its-prime social network. That could mean a sale, a merger (Yahoo could be a candidate) or a spinoff. The last scenario is the most likely, reports The Wall Street Journal.

If at first you don't succeed...sue, sue again? That appears to be Microsoft Co-Founder Paul Allen's strategy. Allen has refiled a lawsuit against an array of Internet giants, including Facebook, Google, Apple, Netflix, and Yahoo, alleging patent infringement.The LA Times reports:

Over at Quora, Tripline founder and CEO Byron Dumbrill answers the question, "Why did Delicious fail?" Dumbrill joined Yahoo in 2006, about nine months after it acquired the bookmarking service, and his explanation corresponds with what we've been hearing for several years about its fate. Delicious was back-burnered while the company focused on Yahoo Bookmarks.

Internet media company Yahoo is preparing to cut as many as 650 jobs, or almost 5% of its workforce, in its latest move to streamline operations and cut costs.