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.