It wasn't as bad as analysts had expected, but Yahoo's third-quarter earnings report was still disappointing.
Reporting its quarterly performance to investors for the first time since CEO Carol Bartz was fired in September, company officials said earnings fell 26 percent to $239 million for the third quarter of 2011, while revenue declined 24 percent to $1.2 billion.
During a conference call with analysts, CFO and acting CEO Tim Morse tried to remain upbeat, even as he avoided answering questions about who will permanently replace Bartz.
Morse attributed the declines primarily to a change in revenue presentation related to search and revenue-sharing agreements with Microsoft.