AFP, New York :
Yahoo reported Wednesday a 93 percent slide in quarterly profit from a year ago while revenues rose, as struggling Internet pioneer released disappointing results.
Net profit for the first quarter tumbled to $21.1 million from $312 million in the same period last year, amid what chief executive Marissa Mayer called “encouraging revenue growth” of eight percent.
Total revenue for the first three months of the year grew to $1.23 billion, led by gains in “search revenue,” from ads linked to queries using Yahoo’s search function.
But revenue and profit were both lower than Wall Street forecasts, and Yahoo’s shares slipped in after-market trade by 2.1 percent.
“Yahoo is amidst a multi-year transformation to return an iconic company to greatness,” Mayer said in the earnings statement.
“This quarter, we saw encouraging revenue growth of eight percent, with display revenue growing a modest two percent and search growing 20 percent.”
She said mobile revenues reached $234 million in the quarter, up 61 percent from a year ago.
Yahoo reported Wednesday a 93 percent slide in quarterly profit from a year ago while revenues rose, as struggling Internet pioneer released disappointing results.
Net profit for the first quarter tumbled to $21.1 million from $312 million in the same period last year, amid what chief executive Marissa Mayer called “encouraging revenue growth” of eight percent.
Total revenue for the first three months of the year grew to $1.23 billion, led by gains in “search revenue,” from ads linked to queries using Yahoo’s search function.
But revenue and profit were both lower than Wall Street forecasts, and Yahoo’s shares slipped in after-market trade by 2.1 percent.
“Yahoo is amidst a multi-year transformation to return an iconic company to greatness,” Mayer said in the earnings statement.
“This quarter, we saw encouraging revenue growth of eight percent, with display revenue growing a modest two percent and search growing 20 percent.”
She said mobile revenues reached $234 million in the quarter, up 61 percent from a year ago.
