Sunnyvale, California-based Web pioneer Yahoo released third quarter financial results Tuesday showing a  slight 1 percent rise in revenue but a sizable 64 percent earnings tumble, and said that over the next several months it would lay off 10 percent of its workers, about 1,500 people. Yahoo, which has seen its stock prices fall to their lowest level in more than five years, reported income of $123 million excluding stock options, an amount in line with the financial forecasts of most analysts. While it did not announce a forecast for 2009, Yahoo did lower its revenue estimates for 2008 from the $7.35 billion to $7.85 billion range it predicted just three months ago, to the $7.18 billion to $7.38 billion range, the company said in the Tuesday financial filing. Yahoo and Internet search leader Google were awaiting a decision from the United States Justice Department over whether a proposed search advertising partnership between the two would violate antitrust laws. The proposed agreement, which could extend as long as a decade should all optional renewals take place, would allow Google to provide ads alongside search results from Yahoo, as well as on some of its United States and Canada Web properties. At the close of markets Wednesday Yahoo share prices were up 2.65 percent to $12.39. Related Links :
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10:11 pm on Oct. 22, 2008 (utc 0)