Profit Drops 2.3% at Yahoo
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Yahoo, struggling to compete with Google on search and advertising and to adapt to recent changes in management, said yesterday that second-quarter profit dropped 2.3 percent.
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Profit at The Washington Post Co. was $82.5 million in the fiscal third quarter ($8.57 per share) compared with $19.9 million ($2.
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Nissan Motor Co. , Japan's third-largest automaker, posted a 3.2 percent drop in quarterly operating profit as a worsening product mix favoring smaller, cheaper cars hit margins, and kept its full-year forecasts unchanged despite the weaker yen.
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(InfoWorld) - Yahoo's net income fell year-over-year in a quarter that sawÂ Yahoo leadership change handsÂ amid criticism that the company failed to capitalize on the explosive growth of the search-engine advertising market. Yahoo also lowered guidance for the third quarter and for 2007 as it reported financial results Tuesday. Revenue excluding traffic acquisition costs for Yahoo's second quarter ended June 30 were $1.244 billion, slightly higher than the $1.242 billion Thomson First Call analysts had estimated. Net income for the quarter was $161 million or $0.11 per share, in line with analyst estimates and slightly lower than the $164 million or $0.11 per share for the same period in 2006. Operating income for the second quarter of 2007 was $185 million, a 19 percent decrease compared to $230 million for the same period of 2006. Cash flow from operating activities for the second quarter of 2007 was $406 million, a 6 percent decrease compared to $430 million for the same period of 2006. Tuesday marks the first time co-founder Jerry Yang faces investors for an earnings period since taking over the CEO position on June 18, when former CEO Terry Semel stepped down. The new CEO is in the position of convincing Wall Street he has what it takes to improve performance at Yahoo, and he took an aggressive stance in a press statement ahead of the company's quarterly conference call. "I am focused on doing everything we need to do to strengthen our business, capture long-term growth opportunities, and create increased value for our shareholders," Yang said, according to the statement. "By sharpening our focus, speeding execution, building our technology and talent, and investing in key growth areas, we can put Yahoo on a clear path to fulfill its potential as an Internet leader." Yahoo also offered new, lowered guidance for its third quarter and year-end results. Wall Street expected $1.304 billion in revenue for the third quarter, but Yahoo said Tuesday that revenue would be in the range of $1.17 billion to 1.31 billion. Third-quarter EBITDA (earnings before interest, taxes, depreciation and amortization) are now expected to be in the range of $380 million to $450 million rather than the $521 million Wall Street is currently expecting. For 2007, Yahoo is now expecting revenue of $4.89 billion to $5.19 billion rather than Wall Street's current guidance of $5.199 billion. EBITDA for 2007 is expected to be in the range of $1.775 billion to $1.955 billion rather than the current guidance of $2.063 billion, according to Yahoo. On a conference call Tuesday, Yang acknowledged he is doing a "top-to-bottom review" of Yahoo's business. "There isÂ a significant gap between where we are and where we need to be," he said, adding that it is with a "great sense of urgency" that he plans to evaluate Yahoo's business so the company can improve financial results quickly. Some areas on which Yahoo will put more emphasis are display advertising, its publisher network, and its online partnerships through its newspaper consortium, said Yahoo President Susan Decker, who was promoted to her current position when Yang took over as CEO. Previously, she was executive vice president and head of the Advertiser and Publisher Group. Yang named cultivating a new employee culture of "teamwork, leadership, and the desire to win" as a key objective in the near term. That initiative would include more hiring and changes in the executive ranks, he said. Another aim is to speed up Yahoo's plan to trim fat and focus on core businesses such as online advertising, as well as to help its customers and advertisers build upon Yahoo's Web-based services platform. The company also has to make decisions faster, executives said. This story was updated on July 17, 2007
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Internet giant Yahoo Inc.&#39;s third-quarter profit nearly quadrupled, reflecting a continued boom in online advertising. The Sunnyvale-based company said Tuesday that it earned $253.
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Yahoo Inc. reported yesterday that its profit more than tripled in the third quarter as the Internet service recorded substantial increases in advertising and a giant gain from the sale of part of its stake in rival Google Inc.
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Yahoo Inc. warned yesterday that slowing advertising growth would depress its third-quarter results.
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Yahoo Inc.'s recently resurgent stock retreated by more than 5 percent Friday amid fears that a setback in a lucrative partnership with AT&amp;T Inc. will undercut the anticipated gains from an overhaul of the Web portal's advertising platform.
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The printer maker said its second-quarter profit declined 16 percent, to $64.2 million, on lower consumer segment sales and higher costs.
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The main problem is that Yahoo has not been nearly as good as Google at reaping profits from the huge volume of search traffic it attracts.
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Internet media company Yahoo Inc.  on Tuesday reported a dip in quarterly profit in line with previously lowered expectations, weighed down by weak brand advertising and recent management turmoil.
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SAN FRANCISCO/NEW YORK  - Yahoo Inc  posted a drop in quarterly profit on Tuesday and forecast 2008 revenue below Wall Street forecasts as it cuts jobs and invests to shore up its Web advertising business.
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Yahoo reported a drop in quarterly profit and its shares fell nearly 7 percent as Chief Executive Jerry Yang predicted a tough 2008 amid a weakening U.S. economy.
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SAN FRANCISCO -- Yahoo Inc. warned yesterday that slowing ad growth will depress its third-quarter results, marking the Internet powerhouse's latest letdown.
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Yahoo Inc.  reported a dip in quarterly profit on Tuesday as corporate advertisers spent less on its online ads, and the company gave a weaker-than-expected forecast for the rest of 2007.
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An analyst runs through the numbers and shows just how far Yahoo has slumped. Will its poor stock performance make it a takeover target?
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NEW YORK/SAN FRANCISCO  - Yahoo Inc.  and  AT&T Inc.  are negotiating potentially sweeping changes  that could scale back their partnership, the Wall Street  Journal reported, dragging Yahoo shares down 5.2 percent.