Yahoo Posts 78% Profit Drop, Cuts Jobs

Yahoo Inc. posted a 78% quarterly profit decline as the recession hit its slumping advertising business and the Internet company said it would eliminate about 675 more jobs, or 5% of its work force.The Sunnyvale, Calif., company was hurt across the board as companies scaled back their marketing budgets and flocked to cheaper alternatives. In particular, search-ad revenue, which had been a bright spot for Yahoo, declined 3% after several quarters of double-digit growth.
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