Yahoo posted $1.08bn revenue for the second quarter of 2012, flat compared to $1.076bn it had recorded during the corresponding quarter in 2011.
The quarter that ended 30 June, 2012 saw the ousting of Scott Thompson, who resigned amidst controversy over his CV and health concerns and Yahoo announcing on Monday that it had hired the 37-year-old Google veteran Marissa Mayer to be its new president and CEO.
Yahoo’s second-quarter net income was $226.6m, down slightly from $237m in the year ago period.
GAAP revenue was $1,218m, a 1% decrease from the second quarter of 2011.
Non-GAAP net earnings per diluted share increased 47% to $0.27 and on a GAAP basis, net earnings per diluted share were $0.18 in the second quarter of 2012, the company revealed.
Yahoo chief financial officer Tim Morse said in the second quarter, non-GAAP earnings per share exceeded consensus and both display and search revenue ex-TAC showed modest growth.
"We also moved aggressively with new strategic agreements with Alibaba and Facebook and announced several new partnerships including CNBC, Clear Channel and Spotify," Morse added.
In the second quarter, GAAP display ad revenue rose 2% to $535m compared to $524m for the second quarter of 2011 while search revenue was $461m, a 1% decrease compared to $467m, Yahoo noted.
Financial analysts polled by Reuters estimated that Yahoo would see total revenue of $1.096bn.
The struggling Internet giant already lost significant market share to supposed ‘rivals’ Google and Facebook who are occupying more traffic and advertising revenue.
This Year, Yahoo culled some 40 products, sacked 2000 members of the company workforce (14%).
In the first week of July, Yahoo and Facebook announced definitive agreements that launch a new advertising partnership, extend and expand distribution arrangements, and settle all pending patent claims between the companies.
In May, Yahoo agreed to sell half its holding in Alibaba (40%) for $7.1bn at $6.3bn cash and $800m shares, which is not a cheaper deal, according to Wall Street Journal.
