Yahoo! reports sagging profit and job cuts

Yahoo! said its net income for the first quarter was US$117.6 million, or eight cents per share, compared to US$536.8 million, or 37 cents per share, during the same period last year.

"Yahoo! is not immune to the ongoing economic downturn, but careful cost management in the first quarter allowed our operating cash flow to come in near the high end of our outlook range," said Yahoo! chief executive Carol Bartz.

"With our leading audience properties, substantial reach and innovative advertising solutions, we are confident Yahoo! will be well positioned when online brand advertising resumes its growth," she added.

In a statement, Yahoo! said it expects to "reduce its number of current employees worldwide by approximately five percent" to "allow flexibility for accelerated strategic investments and targeted hiring in its core operations."

Source: AFP

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