Yahoo! Reported Increase in Income despite Drop in Revenue
Cost-cutting has helped internet giant Yahoo! from further downfall as it posted higher profit in the second quarter of 2009.
Company executives said that the move has given them a chance to focus more on improvements for its service.
Yahoo CEO Carol Bartz on Tuesday said that the internet company has posted a one percent increase in its profit following a five percent cut to its workforce and massive reduction in its advertising spending.
In a statement, Bartz said that the company is pleased with the outcome of this year’s result despite 13 percent cut in its revenue.
Yahoo! posted $141 million or 10 cents per share in profit for the second quarter of 2009. However, the company has lost 13 percent in revenue from $1.8 billion last year to $1.57 billion this year.
Bartz said that the move has helped the company weather the economic crisis and is now on a high gear to re-establish its initiatives by creating a whole new experience to its users in the coming months.
Earlier, news of Yahoo joining forces with Microsoft has sparked interested among investors. The online advertising deal between the two colossi will bring huge sum of money to the internet giant. The deal, according to a report, will also guarantee Yahoo of certain “payments”.
Yahoo, according to the news reports, will handle all the display advertising and investment deals with other firms.
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