Misc

Yahoo Posts $1.58 Billion Q1 Loss and Announces Job Cuts

As Yahoo posts big drops in revenue and profits, the CEO Carol Bartz has announced plans to cut nearly 700 workers from its payroll to stay afloat in the continued battering economy.Yahoo met analysts estimates with revenue falling $1.58 billion in Q1 of 2009, down 13% from a year earlier. "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 officer 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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