To: Rarebird who wrote (67529 ) 4/12/2001 8:50:09 AM From: Rarebird Respond to of 116962 Yahoo ad revenue sinking; job cuts coming Thursday, April 12, 2001 07:26 AM EDT WASHINGTON, Apr 11, 2001 (United Press International via COMTEX) -- Internet portal giant Yahoo.com reported Q1-earnings at near the breakeven point on revenues of $180 million, according to a financial announcement Wednesday after the close of the market. The company also said it would layoff 12 percent of its work force in an effort to cuts cost in the face of declining advertising revenues. According to its Wednesday statement, Yahoo earned $7.6 million, or 1 cent per share, on a pro forma basis, compared with earnings of $60.5 million, or 10 cents per share, in the year-earlier quarter. Yahoo said revenues for the quarter were $180.2 million, beating the revised analysts estimates for Q1-revenue of 172.4 million. For the first quarter of last year, the company reported revenues of $230.8 million. "While we streamline our business over the second quarter to become more efficient and align our costs with the current market environment, we remain steadily focused on developing and delivering the essential services that will result in Yahoo becoming the Internet's leading global consumer and business services company.'' said Tim Koogle, Yahoo's leave-taking chairman and CEO. The company's Q1-earnings were down markedly from earlier financial guidance in January, but in line with revised guidance given in March in which it cited a "weakening macroeconomic climate, and the resulting shortfall in marketing spending by customers due to the economic uncertainty" as the reason for a drop in earnings. In January, the company had warned that first-quarter revenues would be $220 to $240 million, which was later revised down. In related news, Yahoo announced that Heather Killen, senior vice president of international operations, is expected to leave the company in mid-June. Copyright 2001 by United Press International. News provided by COMTEX comtexnews.com