Cost cutting helped Yahoo Inc.'s quarterly profit more than double but revenue declined 12% as the company continues to struggle to keep pace with rivals Google Inc. and Facebook Inc.

The results came the same day the Sunnyvale, Calif., company made its second round of layoffs in two months, in sharp contrast to its biggest online competitors, which are hiring aggressively. On Tuesday, Google said it would boost its work force by 25% this year.

Yahoo said it would cut 1% of its staff, or about 135 employees. The disclosure came about a month after the company said it was slashing 4% of its payroll. Yahoo had about 13,600 employees as of Dec. 31.

The new layoffs, combined with a weak profit projection for the current quarter, showed that Yahoo is still in the thick of trying to turn itself around. The company has been beset by competition from Google and Facebook, which have grabbed users' attention and online advertising dollars.

Yahoo Chief Executive Carol Bartz has cut costs but concerns abound over the company's growth prospects.