Yahoo profits down 78%, cuts 5% of work force

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Yahoo has reported a 78% drop in profits in the first quarter of 2009 to $118.7 million, compared to $536.8 million in the first quarter of last year. Yahoo also is cutting more than 600 jobs, 5% of its worldwide work force.

Total revenues were $1.58 billion, down 13% from 1.817 billion a year ago. Gross profits also were down from $1.06 billion in 2008 to $879 million this year.

Marketing services were down 12%, and fees revenues declined 20%.

“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 CEO Carol Bartz. “While we experienced pressure in both display and search advertising in the first quarter, we believe Yahoo remains one of the most compelling advertising buys on the Internet. 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.”

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