Updated from 4:59 p.m. ESTYahoo!'s ( YHOO) fourth-quarter profit beat Wall Street estimates, but the company's light revenue outlook for 2008 suggests a turnaround is not yet at hand. Shares of Yahoo! were recently off $2.24, or 10.8%, to $18.56 in after-hours trading. And the company's plans to trim its workforce didn't win over investors. In a conference call Tuesday for investors, the company said it expects to cut about 1,000 jobs -- about 9% of its employees -- in the coming quarter as it continues to shift its strategy. But Yahoo! also will continue hiring in areas it sees as key to its growth. "Rather than make cuts across the board, we will make targeted cuts against targeted investments," Yahoo! CEO Jerry Yang said in the call. The online portal operator said net income for the fourth quarter fell to $206 million, or 15 cents a share, from $269 million, or 19 cents a share, a year earlier.
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