...their shares have fallen 10% in after hours trading.

Key points from the earnings report:

• Revenues were $1,832 million for the fourth quarter of 2007, an 8 percent increase compared to $1,702 million for the same period of 2006.
• Gross profit for the fourth quarter of 2007 was $1,130 million, a 12 percent increase compared to $1,012 million for the same period of 2006.
• Operating income for the fourth quarter of 2007 was $191 million, a 38 percent decrease compared to $308 million for the same period of 2006.
• Net income for the fourth quarter of 2007 was $206 million or $0.15 per diluted share compared to $269 million or $0.19 per diluted share for the same period of 2006.
• United States segment revenues for the fourth quarter of 2007 were $1,313 million, a 15 percent increase compared to $1,145 million for the same period of 2006.
• International segment revenues for the fourth quarter of 2007 were $519 million, a 7 percent decrease compared to $558 million for the same period of 2006.
• United States segment operating income before depreciation, amortization, and stock-based compensation expense for the fourth quarter of 2007 was $391 million, a 5 percent decrease compared to $410 million for the same period of 2006.

On the call after the announcement, CEO Jerry Yang confirmed the pending layoffs would take place by mid February. CFO Blake Jorgenson said there would be 1000 layoffs. They also mentioned aggressive investing and acquisitions in the coming year.

Yahoo also announced the addition of Aristotle Balogh as the new CTO.

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