Yahoo on Tuesday reported flat growth in the first quarter as the Web portal’s core display ad
business continued to lag the broader market. Yahoo posted an adjusted profit of 38 cents a share on net revenue of $1.074 billion.
Wall
Street analysts, on average, had forecast Yahoo would earn 24 cents a share on revenue of $1.1 billion.
"I'm pleased with Yahoo's performance in the first quarter.
We saw continued stability in our business, strengthened our team, and started the year with fast execution against our products and partnerships," said Yahoo! CEO Marissa Mayer, in a statement. "We
are moving quickly to roll out beautifully designed, more intuitive experiences for our users. I'm confident that the improvements we're making to our products will set up the Company for long-term
growth."
Display ad revenue, after partner payments, fell 11% from a year ago to $402 million, while search increased 6% to $409 million. Yahoo’s shares were down about 4% in after-hours
trading to $23.79 following the earnings release. More to come after the conference call.