Answer
$\left( y-\dfrac {1}{y}\right) \left( y+\dfrac {1}{y}\right) $
Work Step by Step
$y^{2}-y^{-2}=y^{2}-\dfrac {1}{y^{2}}=\left( y-\dfrac {1}{y}\right) \left( y+\dfrac {1}{y}\right) $
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