Yahoo profit soars despite revenue drop

SUNNYVALE, Calif. - October 20, 2009 The earnings improvement reported Tuesday was primarily driven by extensive cost cutting that has eliminated more than 2,000 jobs during the past year.

But the Sunnyvale, Calif.-based company is still struggling to lure back advertisers that have clamped down on their budgets during the recession and shifted some spending to other up-and-coming Web sites.

Yahoo says it earned $186 million, or 13 cents a share. That compares with income of $54 million, or 4 cents a share, at the same time last year.

Revenue fell 12 percent to $1.58 billion.

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