Internet giant Yahoo has posted a first quarter net loss of $11.5m, after a profit of $67.6m in the same period a year ago. The company said it would cut jobs and make other changes in response to economic conditions.
Excluding one-time charges, the Internet portal earned a profit of $7.6m, or one cent per share. Analysts had expected a break even figure on a per share basis.
Revenues amounted to $180.2m from $230.8m a year earlier, in line with forecasts. The company has been struggling with a slowing economy and a battering of the dot-com sector that has caused a slump in online advertising.
Several key executives have left, and on Wednesday night the firm said Heather Killen, senior vice president of international operations, was expected to leave the company in mid-June.
Yahoo said it would cut about 12% of its workforce of 3,510 to cope with the slowing economy and take other measures, including discontinuing some services, to cut costs.
Chairman Tim Koogle, who is stepping down as chief executive, said: 'We made some decisions that were difficult, but which ultimately balance the investment in our growth areas with the adjustments to our near-term business plan to better position Yahoo for long-term growth.'
Yahoo expects a second quarter charge of $40m to $60m for restructuring.
