Yahoo! (YHOO) this afternoon reported Q1 revenue and profit per share ahead of consensus.
The results reflected a further decline in the company’s display advertising business, but what appears to be some improvement in its search ad business.
Revenue in the three months ended in March rose 1%, year over year, to $1.08 billion, excluding the company’s cost of acquisition, or “TAC,” yielding EPS of 23 cents.
Analysts on average had been modeling $1.06 billion and $17 cents a share.
Display revenue fell 4%, year over year, to $471 million, while search revenue rose 8% to $357 million.
For the current quarter, Yahoo! sees revenue excluding TAC in a range of $1.03 billion to $1.14 billion, slightly ahead of the average $1.08 billion estimate.
Yahoo! shares are up 31 cents, or 2%, at $15.32 up 42 cents, or 2.8%, at $15.43.
Yahoo! will hold a conference call with analysts at 5 pm, Eastern time, and you can catch the webcast of it here.
Correction: A Preview version of this post described Yahoo!’s Q2 revenue view as missing consensus, when in actuality the $1.085 midpoint of the forecast was ahead of consensus. My apologies for any confusion caused by the error.
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