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Yahoo's third-quarter pre-tax profits fell by 5 per cent to $151 million (£74.2 mn). Its revenue, however, surged by 12 per cent to $1.76 billion.

The firm has said that it intends to continue as a broad-based internet advertising outlet despite Google's dominance of the search market.

Jerry Yang, co-founder and CEO, Yahoo!, said: "Moving forward, we are focused on three big, multi-year objectives: to become the starting point for the most consumers on the Internet; to be the ‘must buy' for the most advertisers; and to deliver open, industry-leading platforms that attract the most developers. We are executing against our transformation and are excited about playing a leadership role in the large and growing internet market."

Yahoo! shares have fallen over the past six months, as new low-cost forms of display advertising have rivalled Yahoo!'s traditional premium advertising business.

The search specialist has today appointed Rich Riley to lead a new Partner Division, set up  to manage relationships with advertisers, agencies, resellers, publishers, ad networks, developers and other partners in Europe. Riley is currently senior VP, online channel division at Yahoo! in the US.