Yahoo Beats Expectations in First Quarter

Yahoo, where new CEO Scott Thompson recently slashed 2,000 jobs as part of a turnaround effort, posted first-quarter financial results that mostly beat the expectations of analysts.

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The online technology and media company said net earnings rose 28 percent to $296 million in the quarter on revenue that was up 1 percent to $1.2 billion. Revenue minus traffic-acquisition costs, a metric used by Internet search firms, rose 1 percent to $1.1 billion.

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On a per-share basis, Yahoo earned 23 cents while analysts expected just 17 cents.

In after-hours trading, Yahoo shares were up 3 percent after having risen 1 percent to $15 during the regular session.

Yahoo has been trying to slash costs and streamline its operations, an effort that included this month's announcement that 14 percent of its workforce would be laid off. Yahoo also appointed five new independent directors recently, including former Discovery Communications and Fox Broadcasting executive Peter Liguori.

In its earnings announcement issued after the closing bell on Tuesday, Yahoo boasted that it debuted a variety of comedy Web shows in partnerships with several production companies during the quarter, including First Dates With Toby Harris (Funny or Die), Sketchy (Electus/Principato-Young Entertainment) and 7 Minutes in Heaven (Broadway Video).

Yahoo also debuted a Web news program with ABC called Power Players and a weekly reality show for the Internet called Remake America.