Yahoo profit soars despite revenue drop

October 20, 2009 1:22:44 PM PDT
Yahoo's third-quarter profit more than tripled even though the Internet company's quarterly revenue fell by at least 12 percent for the third consecutive time. 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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