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SANTA CLARA, Calif. — Yahoo! Inc. reported a steep drop in first-quarter revenue and announced plans to reduce its work force by 12%, discontinue some services on its Web sites and lower marketing and promotional expenses.
The company will also outsource and consolidate some operations.
“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,” Tim Koogle, chairman and chief executive, said in a prepared statement.
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