After the market closed today Yahoo! Inc. (NASDAQ:YHOO – News) reported results for the quarter ended June 30, 2011 and the news wasn’t particular good.
The company reported GAAP revenue (excluding traffic acquisition costs) was $1.08 billion for the second quarter of 2011, a 5% decrease from the second quarter of 2010.
However earnings per diluted share increased 18%to $0.18 in the second quarter of 2011, compared to $0.15 in the second quarter of 2010.
Net Income came in at $237 million, up 11% from the same quarter in 2010.
Revenue was $1.2 billion for the second quarter, down 23% from the second quarter of 2010.
The market was not happy with the results and shares of Yahoo are down over 2% in after market trading after being down as much as 5%.
Financials at a Glance
| Quarterly Results (in millions, except percentages and per share amounts) | ||||||
| Q2 2010 | Q2 2011 | Percent Change | ||||
| Revenue ex-TAC | $1,128 | $1,076 | (5)% | |||
| GAAP revenue | $1,601 | $1,229 | (23)% | |||
| Income from operations | $175 | $191 | 9% | |||
| Net earnings | $213 | $237 | 11% | |||
|
Net earnings per diluted share
|
$0.15 | $0.18 | 18% | |||
Second Quarter 2011 Revenue Results
- Display revenue ex-TAC increased 5 percent to $467 million, compared to $445 million for the second quarter of 2010.
- GAAP display revenue increased 2 percent to $524 million, compared to $514 million for the second quarter of 2010.
- Search revenue ex-TAC was $371 million, a 15% decrease compared to $438 million for the second quarter of 2010.
- GAAP search revenue was $467 million, a 45% decrease compared to $842 million for the second quarter of 2010.
YHOO is a spent force. There is absolutely no growth, no new development. The directors and management seem to be comfortable with the status quo. I was short going into earnings and had picked up some puts. I will be out of he puts next session but I will remain short for some time to come.
Time to get rid of Carol Bartz. She was being considered for an Obama cabinet position- figures she kills jobs and can’t make a profit- perfect for the government
Yahoo has not lifted a finger for years in development and was stagnating, and then Carol Bartz signed the death blow by selling out to Microsoft.
Now Microsoft is doing everything they can to kill Yahoo’s loyal advertisers, whether though regular advertisers or domain parking publishers.
Micrsoft does not seem to care that they destroyed Yahoo’s marketplace and even less about losing almost every domain parking company or publisher.
What idiocy !