Yahoo Earnings Slip as New CEO Takes Reins

by Christopher Freeburn | July 18, 2012 11:18 am

Yahoo Earnings Slip as New CEO Takes Reins

Yahoo (NASDAQ:YHOO[1]) posted second-quarter earnings of $227 million on Tuesday[2], a drop of 4% from $237 million during the same period in 2011.

Adjusted EPS came in at 27 cents, which topped the 23 cents Wall Street had expected, the Mercury News noted.

Quarterly net revenue was $1.08, which fell just short of predictions, but which rose modestly compared to last year, the second consecutive quarterly rise in the company’s net revenue,[3] CBS noted.

Yahoo shares were flat around $15 a share in Wednesday morning trading.

Earnings during the quarter were negatively impacted by $136 million in charges stemming from 1,500 layoffs.

The second-quarter numbers came as Marissa Mayer, a former Google (NASDAQ:GOOG[4]) was tapped to head the struggling Internet pioneer.

In the last three months, the company saw CEO Scott Thomson ousted after reports of discrepancies on his corporate biography[5] emerged.

Mayer succeeds interim CEO Ross Levinsohn who helmed the company during the search for a new CEO to permanently replace Thomson.

Endnotes:
  1. YHOO: http://studio-5.financialcontent.com/investplace/quote?Symbol=YHOO
  2. second-quarter earnings of $227 million on Tuesday: http://www.mercurynews.com/business/ci_21094974/yahoo-earnings-mixed-bag-revenie-marissa-mayer-ceo
  3. second consecutive quarterly rise in the company’s net revenue,: http://www.cbsnews.com/8301-505123_162-57474116/yahoo-earnings-beat-low-expectations/
  4. GOOG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GOOG
  5. reports of discrepancies on his corporate biography: http://investorplace.com/2012/05/yahoo-ceo-resigns-over-resume-announces-he-has-cancer/

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