Yahoo revenues were down 13 percent in the first quarter of 2009 compared to the previous year. Revenues were $1,580 million. The company says that were it not for currency rate fluctuations, the decline would have only been 9 percent.

Marketing services revenues declined 12 percent and fees revenues declined 20 percent. Net income for the first quarter of 2008 included a non-cash gain of $401 million related to Alibaba Group’s IPO.

CEO Carol Bartz put a positive spin on the results.“Yahoo is not immune to the ongoing economic downturn, but careful cost management in the first quarter allowed our operating cash flow to come in near the high end of our outlook range,” said.

Full report is here.