Yahoo's Quarterly Financial Report Meets Expectations, Shares Still Dip After Closing Bell
In its first earnings report since co-founder Jerry Yang quit his board seat, the struggling online giant says earnings fell 5 percent to $296 million.
Yahoo shares were falling slightly after the closing bell Tuesday when the Internet company reported fourth-quarter earnings and revenue that were roughly in line with what analysts expected.
Yahoo said revenue fell 13 percent to $1.3 billion, though revenue minus its traffic-acquistion costs fell only 3 percent to $1.2 billion. Net earnings dropped 5 percent to $296 million.
“In 2012 we will be aligning resources behind key areas of focus to enable us to move aggressively in market and grow our business, bringing innovative new products and experiences to both our users and advertisers," said Scott Thompson, the recently intalled CEO.
Thompson replaced Tim Morse, an interim CEO who took over for Carol Bartz in September. Chief Yahoo Jerry Yang, a co-founder, recently resigned his post and quit the board of directors.
Yahoo shares rose a penny Tuesday to $15.69 but were off 1 percent during the after-hours session.