Yahoo! reported first-quarter revenues of USD 1.580 billion, down 13 percent from the year-earlier period. Excluding the impact of currency fluctuations, sales were down 8 percent. In addition to a slowdown in both display and search advertising, Yahoo! said revenues suffered from the sale of Kelkoo and lower fees from partnerships with internet, voice and music service providers. Operating profit declined to USD 101 million from USD 121 million, and net profit dropped to USD 0.08 per share from USD 0.37 a year ago. Last year, the company booked a one-time gain of USD 401 million in Q1 from Alibaba's IPO. Excluding one-time items, EPS fell to USD 0.15 from USD 0.18. Operating cash flow dipped 6 percent to USD 409 million, while the company finished March with USD 3.691 billion in cash. To free up cash for strategic investments, Yahoo! is cutting another 5 percent from its global workforce, with staff to be notified in the next two weeks. Yahoo! said it's also implementing other, unspecified cost reductions. For Q2, the company forecast revenues of USD 1.425-1.625 billion and operating profit of USD 80-90 million. Yahoo! also announced the appointment of Jeff Russakow as senior vice president of customer advocacy. He will start immediately, taking responsibility for all of Yahoo!'s customer support functions, including audience, small business, ad operations, and search network quality.
Source: http://www.telecompaper.com/news/article.aspx?cid=668467
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