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Yahoo profits dive; 1,000 job cuts planned

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Sunnyvale, Calif.—Yahoo on Wednesday posted fourth-quarter net income of $206 million, a 23% decrease from a year earlier. The Web portal also confirmed it plans to cut 1,000 jobs in the first quarter as part of its ongoing realignment to compete in the Internet advertising business dominated by Google.

Yahoo’s fourth-quarter revenue totaled $1.83 billion, an 8% increase from a year earlier. Marketing services revenue increased 21% to $1.59 billion.

“The steps we’ve been taking over the course of the past year represent profound, fundamental changes to virtually every aspect of Yahoo’s business, and we’re confident they will help us drive our next leg of growth and gain future ad market share,” said Sue Decker, president of Yahoo, in a statement. “Even as we increase investment in key areas of our business, we’re making tough but necessary decisions to streamline our organization and redeploy assets to our most promising technology and marketing initiatives.”

—Carol Krol

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