Yahoo has reported results for the first quarter ended March 31, 2012. Revenue excluding traffic acquisition costs was $1,077 million for the first quarter of 2012, a 1 percent increase from the first quarter of 2011. Income from operations decreased 11 percent to $169 million in the first quarter of 2012, compared to $190 million in the first quarter of 2011. GAAP revenue was $1,221 million for the first quarter of 2012, a 1 percent increase from the first quarter of 2011. Net earnings per diluted share increased 38 percent to $0.23 in the first quarter of 2012, compared to $0.17 in the first quarter of 2011.
“In the first quarter, Yahoo!’s results came in at the high end of our guidance range and beat consensus on revenue and profits,” said Scott Thompson, CEO of Yahoo!. “We also made changes to resize the organization and establish a new leadership structure to quickly deliver the best user and advertiser experiences at scale.”
First Quarter 2012 Revenue Highlights:
- Display revenue ex-TAC was $454 million, a 4 percent decrease compared to $471 million for the first quarter of 2011.
- GAAP display revenue was $511 million, a 2 percent decrease compared to $523 million for the first quarter of 2011.
- Search revenue ex-TAC was $384 million, an 8 percent increase compared to $357 million for the first quarter of 2011.
- GAAP search revenue was $470 million, a 3 percent increase compared to $455 million for the first quarter of 2011.
The company recently announced plans to lay off some 2,000 employees earlier this month, and today has confirmed that it will be closing or consolidating fifty of its sites, as well as part of its restructuring plan. “Yahoo has been doing way too much for way too long and was only doing a few things really well,” company’s CEO Thompson said during an earnings call. “We need to be clearer going forward about what we won’t do.” Yahoo will shut down or consolidate 50 products that don’t “contribute meaningfully” to revenue, according to the Thompson.
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