Updated 3:20 p.m. PDT with further details from conference call.
Yahoo on Tuesday reported a 64 percent drop in net income for the third quarter, issued cautions about a weakening advertising market, and confirmed that layoffs are indeed on the way.
"As we saw the online ad market decline in the third quarter, I decided Yahoo needed to accelerate the process of getting more competitive," Chief Executive Jerry Yang said in a conference call. "We anticipate we will reduce headcount by at least 10 percent" by the end of the year.
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