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Yahoo says its slump worsened in the first quarter as the recession made it more difficult to sell the ads that generate most of its profits.
In releasing results Tuesday, the Sunnyvale-based Internet company says it will cut 600 to 700 jobs, or about 5 percent of its work force, to shore up profits.
Yahoo [YHOO
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] says it earned $118 million, or 8 cents per share, during the first three months of the year. That represents a 78 percent drop from net income of $537 million, or 37 cents per share, in the year-ago period.
Last year's results included a non-cash gain of $401 million. But Yahoo's profit this year still would have been lower even after subtracting last year's one-time boost.
Revenue fell 13 percent to $1.58 billion.
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