Internet Company, Yahoo Inc (NASDAQ: YHOO) reported fiscal second quarter earnings on Tuesday which were slightly lower than last year while its revenues also stood flat.
Following the announcement, Yahoo shares traded 3 cents lower at $15.57 in afterhours trading on Tuesday.
The Company said that net revenue, after excluding the fees paid to partner websites, stood at $1.081 billion in the three months ended June 30, against the net revenues of $1.076 billion at this time last year.
Analysts polled by Thomson Reuters estimated for net revenue of $1.096 billion.
Yahoo’s second-quarter net income was $226.6 million, or 18 cents a share, down a bit from about $237 million, or 18 cents a share, in the year ago period.
After adjusting for onetime expenses, Yahoo said it earned 27 cents a share- surpassing analysts’ expectations of 22 cents a share.
While its revenue from online display ads climbed up 2 percent year-on-year to $535 million, its search revenue fell 1 percent to $461 million.
Meanwhile, the Company has also roped in a new CEO, Marissa Mayer, a 37 year old engineer and a former Google (NASDAQ: GOOG) executive.
Although she has never been appointed as a CEO before, she will face a challenging task to revive underperforming internet company.
According to the Company, Yahoo.com continues to be one of the world’s most popular websites, having more than 700 million monthly visitors. Nevertheless, the company’s revenue growth slowed down amid increased competition from rivals such as Google and Facebook (NASDAQ:FB) in the recent times even as online advertisement prices also declined in the internet industry.
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