Exhibit 99.1

Yahoo! Reports Fourth Quarter and Full Year 2008 Financial Results

SUNNYVALE, Calif.--(BUSINESS WIRE)--January 27, 2009--Yahoo! Inc. (Nasdaq:YHOO) today reported results for the fourth quarter and full year ended December 31, 2008.

“Despite the challenging economic environment, Yahoo! delivered adjusted operating cash flow above the midpoint of guidance for the fourth quarter,” said Yahoo! Chief Executive Officer Carol Bartz. “The company also made important investments while aggressively managing costs, leaving us better positioned to weather the economic downturn and emerge stronger when advertiser spending improves. We have work to do, but I am excited by Yahoo!’s opportunities, and encouraged by the tremendous innovation and momentum I’ve seen since joining the company as CEO.”

Fourth Quarter 2008 Financial Results

  • Revenues were $1,806 million for the fourth quarter of 2008, a 1 percent decrease compared to $1,832 million for the same period of 2007.
  • Marketing services revenues were $1,594 million for the fourth quarter of 2008 compared to $1,590 million for the same period of 2007.
    • Marketing services revenues from Owned and Operated sites were $1,063 million for the fourth quarter of 2008, a 3 percent increase compared to $1,035 million for the same period of 2007.
    • Marketing services revenues from Affiliate sites were $531 million for the fourth quarter of 2008, a 4 percent decrease compared to $555 million for the same period of 2007.
  • Fees revenues were $212 million for the fourth quarter of 2008, a 12 percent decrease compared to $242 million for the same period of 2007.
  • Revenues excluding traffic acquisition costs (“TAC”) were $1,375 million for the fourth quarter of 2008, a 2 percent decrease compared to $1,403 million for the same period of 2007.
  • Operating loss for the fourth quarter of 2008 was $278 million compared to operating income of $191 million for the same period of 2007.
  • Operating loss before depreciation, amortization, and stock-based compensation expense for the fourth quarter of 2008 was $60 million compared to operating income before depreciation, amortization, and stock-based compensation expense of $527 million for the same period of 2007.
  • Adjusted operating income before depreciation, amortization, and stock-based compensation expense for the fourth quarter of 2008 was $542 million, excluding restructuring charges of $108 million for severance, facilities, and other restructuring costs; a goodwill impairment charge of $488 million related to our international segment; and incremental costs of $7 million incurred for outside advisors related to Microsoft’s proposals to acquire all or a part of the Company, other strategic alternatives, including the Google agreement, the proxy contest, and related litigation defense (collectively, the “strategic alternatives and related matters”).
  • Cash flow from operating activities for the fourth quarter of 2008 was $321 million, a 48 percent decrease compared to $622 million for the same period of 2007.
  • Free cash flow for the fourth quarter of 2008 was $219 million, a 34 percent decrease compared to $330 million for the same period of 2007.
  • Net loss for the fourth quarter of 2008 was $303 million or $0.22 per diluted share compared to net income of $206 million or $0.15 per diluted share for the same period of 2007.
  • Non-GAAP net income for the fourth quarter of 2008 was $238 million or $0.17 per diluted share compared to non-GAAP net income of $184 million or $0.13 per diluted share for the same period of 2007.

The following information was filed by Yahoo Inc (YHOO) on Tuesday, January 27, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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