Yahoo reported results for the fourth quarter and full year ended December 31, 2009.

Revenues were $1,732 million for the fourth quarter of 2009, exceeding the top end of the Company’s business outlook range.

Revenues decreased 4% from the fourth quarter of 2008 and increased 10% from the third quarter of 2009.

Revenues were $6,460 million for 2009, a decrease of 10% compared to 2008. Excluding the impact of currency rate fluctuations and divested business lines, revenues for 2009 would have declined 6% compared to 2008.

Income from operations for the fourth quarter of 2009 was $119 million, compared to a loss of $278 million in the fourth quarter of 2008.

Income from operations for the fourth quarter of 2009 included $40 million in restructuring charges and $32 million in advisory and retention costs related to the Microsoft search agreement, which amounts were not included in the Company’s business outlook for the fourth quarter of 2009.

“The fourth quarter marked a strong finish to 2009, which was a transformative year for Yahoo!,” said Yahoo! Chief Executive Officer Carol Bartz. “We beat the high end of our revenue guidance, saw demand for premium display advertising improve significantly, and grew Owned & Operated search advertising revenue sequentially for the first time since the third quarter of 2008.

“Our business has positive momentum and we feel good as we head into 2010,” said Bartz. “We’re pleased that the midpoint of our Q1 revenue outlook marks the first quarter of year-over-year growth in six quarters.”

For the first quarter, Yahoo expects revenue of $1.58 billion to $1.68 billion, with income from operations of $90 million to $110 million

Shares of Yahoo are up on the news about 2%

Here is a link to the full report