Yahoo bested Wall Street expectations today, announcing stronger net income for its third quarter, despite an also expected decline in revenue.

In addition, Yahoo’s expectations for the fourth quarter are more positive than expected by investors.

But, there were some issues to worry about: Search advertising revenue was off 19 percent and display was off eight percent at “Owned and Operated” sites on Yahoo.

So, while investors can finally relax, how Yahoo can grow going forward is sure to be their next focus.

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Here come more tech earnings this week, as investors hope the industry can help goose a still shaky economy.

But while the tech industry is healthy, relatively speaking, they probably should not hope too hard to be soaring anytime soon on Silicon Valley’s digital flying carpet.

In other words, down is still the new up.

In any case, on deck this week: IBM, Yahoo, Apple and Microsoft.

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A lot has been written about the need for drastic layoffs at Yahoo, including reports that the troubled company was laying off from 3,000 to 3,500 of its 15,000 employees.

As dramatic as that figure is, according to numerous sources, it’s more likely that Yahoo will cut only half that, beginning sometime in mid-December.

Why? Well, because what Yahoo’s top brass has already done is given its managers cost-cutting targets and not specific marching orders on laying off a certain number of people across the board. Thus, cuts could be made to programs, projects and other things, as well as staff.

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