Essentially–although AOL is located in New York and not California–it’s going to be like tremors before the Big One at the online company today as about 100 employees are set to be laid off by management.

It is part of AOL CEO Tim Armstrong’s “Project Everest”–the code name for cost-cutting across the company. After this small cut, there could be a call for voluntary departures, followed by a much more drastic layoff.

The action comes in the same timeframe as the online site’s spinoff from Time Warner.

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The Seattle area is going to get another jobless jolt today, with RealNetworks planning to lay off four percent of its workforce, sources said.

That’s a small number–just about 70 people out of its 1,700-person staff–but the move comes on the heels of layoffs of another 800 employees at nearby Microsoft yesterday.

The reasons for the layoffs at RealNetworks are, as was the case at Microsoft, to realign the workforce after the recent economic downturn and to control costs.

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Yahoo has hired a new head of mergers and acquisitions–former General Electric M&A exec Andrew Siegel, who will now be VP of corporate development.

Yahoo CFO Tim Morse dropped the news with no details about that title in an interview with The Wall Street Journal about the Silicon Valley Internet giant’s third-quarter earnings.

One question apparently not answered was what exactly is the status of its current top M&A exec, Greg Mrva–who has had the title Siegel now has posted on his LinkedIn profile–as well as that of VP of mergers and acquisitions more recently.

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Yahoo reported its third-quarter earnings earlier today, a pretty good performance in which it soundly beat Wall Street expectations with a stronger net income than expected.

While advertising revenue was down at the Silicon Valley Internet giant, also as expected, cost-cutting by CEO Carol Bartz and the sale of its stake in China’s Alibaba seem to have more than made up for it.

Here are Yahoo’s financial presentations, full of more numbers than you will ever want to crunch.

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Uh-oh, Yahoo CEO Carol Bartz was expected to appear on the Internet giant’s third-quarter earnings call, but she apparently “came down with something,” according to CFO Tim Morse.

BoomTown is sending over chicken soup right now, but let’s hope she gets her vaccinations tout de suite!

Thus, no sassy quotes or cursing, but a very earnest Morse, who sounded like he was once a Boy Scout.

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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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It’s not likely the announcement of Yahoo’s third-quarter earnings later today will be quite as exciting as its Open Hack Day in Taiwan this past weekend, but BoomTown will try to make those numbers and the conference call afterward with CEO Carol Bartz as entertaining as possible.

Bartz is certain to be so, especially if she lobs some good quotes, as she did in a recent interview about her management style: “I have the puppy theory. When the puppy pees on the carpet, you say something right then because you don’t say six months later, ‘Remember that day, January 12th, when you peed on the carpet?’ That doesn’t make any sense.”

How much does BoomTown pray for more zingers like that? Muchly!

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In one week, Yahoo will report its third-quarter earnings, after the market closes.

And so far, its stock is showing signs that investors are hoping for better days ahead for the Internet giant.

Other good news: A pair of bullish analyst reports yesterday.

But, a spate of executive departures, with chances of more to come, are worrisome.

As is the excessive yodeling Yahoo is once again encouraging.

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Here is the official press release from Yahoo (YHOO) on its third-quarter results:

FOR IMMEDIATE RELEASE

Yahoo! Reports Third Quarter 2008 Financial Results Revenues–$1,786 Million
Operating Income–$70 Million
Operating Income Before Depreciation, Amortization, and Stock-Based Compensation Expense–$410 Million

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