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January 25, 2010

Yahoo! Q4 revenues down 4% to $1.8bn

Expects revenue to be in the range of $1.57bn to $1.67bn for Q1 2010

By CBR Staff Writer

Yahoo! has reported revenues of $1.73bn for the fourth quarter of 2009, a decrease of 4% compared to $1.8bn for the same period last year. Revenues increased 10% sequentially. Marketing services revenues declined 4% and fees revenues declined 7%, compared to the fourth quarter of 2008.

The company posted an operating income of $119m for the fourth quarter of 2009, compared to an operating loss of $278m in the same period a year ago. Operating income for quarter included $40m in restructuring charges and $32m in advisory and retention costs related to the Microsoft search agreement.

For the quarter ended December 31, 2009, the company posted a net income of $153m, compared to a net loss of $303m for the same period last year. Net income per diluted share for the quarter was $0.11, compared to a net loss per dilute share of $0.22 for the year ago quarter.

Cash flow from operating activities for the fourth quarter of 2009 was $351m, a 9% increase compared to $321m for the same period of 2008. Free cash flows were of $220m for the quarter.

For the full year 2009, revenues were $6.46bn, a decrease of 10%, compared to $7.2bn for 2008. Operating income was $387m, compared to $13m in the same period last year. The company posted a net income of $598m, an increase of 43%, compared to $419m for 2008.

Carol Bartz, chief executive officer of Yahoo!, said: “The fourth quarter marked a strong finish to 2009, which was a transformative year for Yahoo!. We beat the high end of our revenue guidance, saw demand for premium display advertising improve significantly, and grew Owned & Operated search advertising revenue sequentially for the first time since the third quarter of 2008.

“Our business has positive momentum and we feel good as we head into 2010. We’re pleased that the midpoint of our Q1 revenue outlook marks the first quarter of year-over-year growth in six quarters.”

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The company expects revenue to be in the range of $1.57bn to $1.67bn for the first quarter of 2010. Operating income is expected to be in the range of $90m to $110m. The outlook excludes advisory and retention costs related to the Microsoft search agreement and restructuring charges.

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