1,500 jobs lost at Yahoo

Yahoo said on Tuesday that its quarterly profit fell sharply on weak sales as corporate advertisers slashed spending on brand promotions at the leading provider of online display advertising.

The firm also said it planned to cut at least another 10 percent of its roughly 15,000-strong global work force, helping lift its shares 8 percent to $13.03 in after-hours trade following the report.

Net income for the third quarter tumbled to $54.3 million, or 4 cents per diluted share, from $151 million, or 11 cents per diluted share.

Gross revenue, including payments to affiliated websites that carry Yahoo ads, edged up 1 percent to $1.79 billion from the same quarter a year earlier.

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