Yahoo reported results for the third quarter ended September 30, 2008.

"As economic conditions and on-line advertising softened in the third quarter, we remained highly focused on our 2008 strategy to invest in initiatives that enhance not only our long term competitiveness, but also our ability to deliver for users and advertisers in this more difficult climate. We have been disciplined about balancing investments with cost management all year, and have now set in motion initiatives to reduce costs and enhance productivity," said Jerry Yang, co-founder and chief executive officer, Yahoo! Inc.

"The steps we are taking this quarter should deliver not only near-term benefits to operating cash flow, but should also substantially enhance the nimbleness and flexibility with which we compete over the long term. We enter this slowing market with competitive advantages as the destination of choice for consumers and a leader in providing online advertisers with the broadest set of advertising management tools and products in the industry. We plan to continue building on those strengths."

Revenues for the third quarter 2008 were $1,786 million for the third quarter of 2008, a 1 percent increase compared to $1,768 million for the same period of 2007.

Yahoo also said it expected to reduce its global workforce by at least 10 percent during the fourth quarter of 2008.

The full release can be found on the Yahoo website.