Yahoo reported that its gross revenues fell 13% to $1.580 million, compared to the first quarter of 2008
Yahoo also reported, that its first-quarter net income fell to $117.6 million, or 8 cents a share, from $536.8 million, or 37 cents a share in the same period a year earlier.
However, net income for the first quarter of 2008 included a non-cash gain of $401 million, or $0.29 per diluted share, related to Alibaba Group’s initial public offering of Alibaba.com.
Marketing services revenues from Owned and Operated sites were $872 million for the first quarter of 2009, a 10 percent decrease compared to $966 million for the same period of 2008.
The decrease was driven by a 3 percent decline in search advertising revenue and a 13 percent decline in display advertising revenue.
“Yahoo! is not immune to the ongoing economic downturn, but careful cost management in the first quarter allowed our operating cash flow to come in near the high end of our outlook range,” said Yahoo! chief executive officer Carol Bartz. “While we experienced pressure in both display and search advertising in the first quarter, we believe Yahoo! remains one of the most compelling advertising buys on the Internet. With our leading audience properties, substantial reach and innovative advertising solutions, we are confident Yahoo! will be well positioned when online brand advertising resumes its growth.”
Yahoo also announced that it will cut 5% of its workforce or 700 more employee within the next two weeks.
Yahoo shares are trading up around 3% aftermarket, after rising almost 5% today.
And that’s all she wrote for Yahoo.
No one uses the search engine and all their information is available in other places.
As far as I can think, Yahoo offers nothing that can’t be found on Google or elsewhere. So, Yahoo is dying and will go the way of Excite.com.
Sad to see it go but unless I see some REALLY BIG plans announced for some major restructuring and major change in direction or focus, what does Yahoo have going for it?
So, Microsoft will buy the search… yawn. They can have it.
Their big problem is ad management for advertisers. Why they do not see it ? I wouldat least triple what I spend in Yahoo marketing if I could simply paste all keywords from Adsense in bulk. But now I would have to spend maybe a week to upload campaigns and probably before finishing it I would get a heart attack from anger. They are morons, they could simply copy Adsense.
^I meant Adwords
It’s called bad management from Jerry Yang down.