Yahoo has released its first quarterly earnings statement since Marissa Mayer left Google to become the company’s new president and CEO. Mayer, as well as the analysts, are calling the third quarter a “solid” one for the company, which slightly exceeded expectations at $ 1.089 billion in revenue and a 2 percent increase over last year.
From the earnings statement:
Revenue excluding traffic acquisition costs (“Revenue ex-TAC”) was $ 1,089 million for the third quarter of 2012, a 2 percent increase compared to the third quarter of 2011. GAAP revenue was $ 1,202 million for the third quarter of 2012, a 1 percent decrease from the third quarter of 2011.
Excluding restructuring charges for both years, operating income on a non-GAAP basis was $ 177 million in the third quarter of 2012 compared to $ 175 million in the third quarter of 2011. On a GAAP basis, income from operations decreased 14 percent to $ 152 million in the third quarter of 2012, compared to $ 177 million in the third quarter of 2011.
In the third quarter of 2012, non-GAAP net earnings per diluted share increased 66 percent year over year to $ 0.35. Non-GAAP net earnings per diluted share for the third quarter of 2012 excludes a net gain of $ 2.8 billion related to the sale of Alibaba shares and restructuring charges of $ 16 million, net of tax. On a GAAP basis, net earnings per diluted share was $ 2.64 in the third quarter of 2012, compared to $ 0.23 in the third quarter of 2011.
AllThingsD’s Kara Swisher made this observation: “Interestingly, Yahoo left out detailed information it has usually provides about engagement and other user metrics. Let me take a big guess: It’s not impressive or it would have been touted.”
Nonetheless, investors are encouraged by the results. As of 4:47 p.m. ET, Yahoo’s stock has risen 48 cents, or 3 percent, to $ 16.25 per share.
Mayer’s statement hinted at future changes: “Yahoo had a solid third quarter, and we are encouraged by the stabilization in search and display revenue,” she said. “We’re taking important steps to position Yahoo! for long-term success, and we’re confident that our focus on quality and improving the user experience will drive increased value for our advertisers, partners and shareholders.”
She’ll be outlining her plans for the company in an earnings call with shareholders today.
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