Earnings: Yahoo: Net Income Down 78 Percent; Will Cut Five Percent of Work Force

Hammered by a weak online advertising market, Yahoo (NSDQ: YHOO) reported steep drops in net income and revenue during the first quarter and, as expected, announced another wave of layoffs — this time, five percent of its workforce.

Results were largely in line with expectations. The company posted net income of $118 million ($0.08 per share), down 78 percent from the $537 million ($0.11 per share) recorded during the same period a year ago. Revenue for the company’s first fiscal quarter dropped 13 percent to $1.58 billion, from $1.8 billion a year ago. On average, analysts had expected earnings per share of $0.08 cents and revenue of $1.63 billion.

As of March 31, Yahoo had 13,500 employees — so the latest round of layoffs could mean that as many as 675 Yahoo employees will lose their jobs.

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