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Yahoo! has released disappointing results for its fourth quarter, with earnings down 5 per cent and revenues falling a further 13 points.

Revenues excluding traffic acquisition costs (TAC) fell three per cent to $1.17bn, compared to $1.21bn this time last year, although income from operations did increase by 10 per cent to $242m. The results were below analyst’s estimates for the company, but the stock price held relatively steady in early after-hours trading, dropping only a percentage point or so.

"Yahoo! continued to make progress in the quarter with operating income increasing ten percent year over year," said Scott Thompson, the new Yahoo! CEO in a statement. "In 2012 we will be aligning resources behind key areas of focus to enable us to move aggressively in market and grow our business, bringing innovative new products and experiences to both our users and advertisers."

Yahoo! reported receiving $48m from Redmond, part of its deal with Microsoft to split the search business they both run via the Bing engine. Yahoo expects these payments to decline as it shifts to Microsoft’s search technology.

In its outlook statement, Yahoo! predicted revenue excluding TAC would fall further, to between $1.03bn and $1.11bn. ®

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