Yahoo Q3 earnings slip again

Yahoo reported lower new income for the third quarter compared to last year.

Net income fell in the third quarter for Yahoo Inc., as the Internet company continues to face competitive challenges.

Net income for the period, ended Sept. 30, was US$151 million or $0.11 per share, compared to $159 million or $0.11 per share for the corresponding quarter in 2006.

The report is slightly better than the consensus from Thomson First Call, which expected $0.08 per share using a comparable accounting method.

Revenue was $1.76 billion, up 12 percent over the $1.58 billion reported in the third quarter last year.

Operating income for the quarter was $150 million, down 26 percent compared to the same period in 2006.

Yahoo said that it is on track to improve its performance, based on a recently executed review of its business and investments designed to grow its communities of users, advertisers and publishers.

Earlier this year, Yahoo's CEO stepped down amid criticisms that the company was failing to take advantage of the boom in Internet advertising. Company co-founder Jerry Yang took his place, vowing to analyze the business and turn it around.

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