Shares of Yahoo Inc rose 3 percent in late Wednesday afternoon trading, bouncing back from a sharp decline earlier in the day.

Yahoo reported Tuesday after the market closed that revenue fell 13 percent in the second quarter as ad spending by advertisers fell. Cost cuts through job reductions and closing offices helped offset lower revenues, however, as profit rose almost 8 percent.

Chief Executive Carol Bartz said yesterday the company’s vision was to be the center of people’s lives online. Yesterday, the company launched an update to the company’s website which allows users to easily access content from outside websites.

“Moving forward, our goal is to invest in the long-term health of the business so that we are positioned to capture the growth opportunities created by the economic recovery and the ongoing shift to online advertising,” she said in a released statement.

The company earned $141 million, or 10 cents per share for the second quarter, better than the 8 cents per share analysts had expected. Revenue was $1.57 billion, down from $1.8 billion in the same period a year ago.

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