Yahoo! has announced global profits of $54 million for the third quarter of 2008, down from $151 million for Q3 2007.Unveiling its Q3 2008 results, the internet company also announced plans to cut 1,500 jobs, as well as revealing plans to cut costs by $400 million from its annual expenses of $3.9 billion in the next few months.
Pre-tax profits outside the US fell 7% to $119m while US pre-tax profits were down 14% year on year to $291m.
\Chief executive Jerry Yang said: “The steps we are taking this quarter should deliver not only near-term benefits to operating cash flow, but should also substantially enhance the nimbleness and flexibility with which we compete over the long term.”
Earlier this year, Yahoo! turned down a $44 billion takeover bid from Microsoft although it has since signed a search advertising deal with Google.
However, this deal is currently under investigation by the US Justice Department.
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