Wednesday, April 22, 2009

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Yahoo to cut 5% jobs; Q1 profit in line

Yahoo! on Tuesday reported that its net profit slumped nearly 80 percent in the first three months of the year and that it will trim its workforce by five percent to cut costs. Shares of the Internet company rose 1 percent in after-hours trading.

In the first full three-month period under the leadership of CEO Carol Bartz, Yahoo generated revenue of $1.58 billion, compared with $1.82 billion at this time last year. Excluding traffic acquisition costs, Yahoo's revenue was $1.16 billion compared with the average analyst expectation of $1.2 billion according to Reuters Estimates.


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