Reuters: Global Markets: Yahoo posts flat second-quarter revenue as Mayer steps into CEO role

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Yahoo posts flat second-quarter revenue as Mayer steps into CEO role Jul 17th 2012, 21:19 Tweet Share this Email Print Related News State Street posts lower 2nd-quarter profit, shares fall 1:09pm EDT Batman, Barbie and cost cuts lift Mattel profit 10:45am EDT Yahoo turns to Google's Mayer for revival 9:10am EDT Yahoo snags Google's Mayer as CEO in surprise hire Mon, Jul 16 2012 Citi second-quarter profit falls, old assets sting Mon, Jul 16 2012 Analysis & Opinion Yahoo tackles existential problem with engineering Counterparties: The largest antitrust settlement in US history? Related Topics Hot Stocks » Asian Markets » The headquarters of Yahoo Inc. is shown in Sunnyvale, California May 5, 2008. Credit: Reuters/Robert Galbraith By Alexei Oreskovic SAN FRANCISCO | Tue Jul 17, 2012 5:19pm EDT SAN FRANCISCO (Reuters) - Yahoo Inc (YHOO.O), looking to revive its fortunes with Monday's hiring of a new chief executive from Google Inc (GOOG.O), reported flat net revenue and a slight decline in profit during the second quarter. Yahoo reported earnings on the first day of work for new CEO Marissa Mayer, a longtime Google executive who is Yahoo's third chief in twelve months. Mayer is not expected to participate in Tuesday's post-earnings release conference call. Shares of Yahoo rose 10 cents to $15.70 in after-hours trading on Tuesday. Net revenue, which excludes fees paid to partner websites, was $1.081 billion in the three months ended June 30, compared to $1.076 billion at this time last year. Analysts polled by Thomson Reuters I/B/E/S were looking for net revenue of $1.096 billion. Yahoo's second-quarter net income was $226.6 million, or 18 cents a share, down slightly from roughly $237 million, or 18 cents a share, in the year ago period. Excluding certain items, Yahoo said it earned 27 cents a share, above the 22 cents a share expected by analysts. Mayer faces a significant challenge in trying to rejuvenate the ailing Web pioneer which has seen its revenue growth stall as consumers increasingly spend time on social networking websites such as Facebook and Twitter. Yahoo said its revenue from online display ads increased 2 percent year-on-year to $535 million, while its search revenue decreased 1 percent to $461 million. Mayer's hiring as CEO caps a tumultuous year at Yahoo. In May, Scott Thompson resigned as CEO after less than 6 months on the job as a controversy flared up over his academic credentials. Thompson replaced the outspoken and occasionally foul-mouthed Carol Bartz, who was fired in September after failing to revitalize Yahoo. (This version of the story has been corrected to fix average Street forecast on EPS to 22, not 23, cents) (Reporting by Alexei Oreskovic; Editing by Bernard Orr) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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