Yahoo reported earnings Tuesday — likely for the last time. The Internet media company beat first-quarter earnings estimates for the second straight quarter, posting $1.3 billion in GAAP revenue, up from $1 billion in the year-ago quarter.
"As we enter our final quarter as an independent company, we are committed to finishing strong and planning for the best possible integration with Verizon," Yahoo CEO Marissa Mayer stated.
Mayer said Yahoo expects the sale to Verizon Communications will close in June. An earlier SEC filing said she would not serve on Altaba, the surviving company's board.
As Verizon prepares to take over Yahoo's media assets, which it acquired for $4.48 billion, search revenue jumped to $745 million, from $492 million in the first quarter of 2016. The increase was supported by an accounting change implemented in third-quarter 2016. Minus the accounting change, search revenue fell by $304 million.
The number of paid-search clicks fell 12% and the price per click rose 10% in the quarter compared with the first quarter of 2016.
Display ad revenue under generally accepted accounting principles and guidelines fell 2% to $456 million in the quarter. The number of display ads sold rose 2% compared with the first quarter of 2016.
Revenue from mobile, video, native and social came in at $529 million in the quarter, up from $390 million in the first quarter of 2016. Non-Mavens revenue came in at $742 million compared with $644 million in the year-ago quarter. Total traffic-driven revenue was $1.3 million, up from $1 million, respectively.
Mobile revenue alone rose 58.5% to $412 million.