Investing
Focus on Yahoo! Assets and Plans Over Past Earnings (YHOO)
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Yahoo! Inc. (NASDAQ: YHOO) earnings are out and we again stress that the focus needs to be on the company’s strategy for the next year or two rather than just how many holes are in the trailing earnings. Jerry Yang is out, more departures are likely, operating costs have been cut, and we are looking for more long-term guidance on how the company can monetize its foreign assets of Alibaba and Yahoo! Japan. Despite the focus on the future, it does at least need to be known that this appears to be the twelfth or thirteenth consecutive quarterly report where Yahoo! was light on its revenues.
The earnings are $0.25 adjusted earnings per share on $1.17 billion in sales if you back out the traffic acquisition costs. Revenue display outside of TAC was down marginally at $546 million and search revenue was $465 million on an ex-TAC basis.
As far as guidance, Revenue on an ex-Traffic acquisition cost basis is now expected to be in the range of $1.025 to $1.105 billion versus estimates of $1.078 billion.
Yahoo! shares closed up $0.01 at $15.69, its after-hours reaction has shares down about 1.4% at $15.69 and the 52-week trading range is $11.09 to $18.84.
JON C. OGG
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