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, California-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.
- Get paid in cryptocurrency for viewing ads in the new Brave browser
- Tesla surprises both the fans and the haters by posting a profit in Q3
- Tesla lost $408 million last quarter, and the Model 3 is mostly to blame
- Should we put a tax on Facebook to keep journalism alive?
- With merger complete, SiriusXM tries to figure out what to do with Pandora