Yahoo! Inc. (NASDAQ: YHOO) reported fourth-quarter and full-year 2016 results late Monday after markets closed. The internet portal posted adjusted diluted earnings per share (EPS) of $0.25 on revenue of $1.47 billion for the quarter. In the same period a year ago, Yahoo reported EPS of $0.13 on revenue of $1.27 billion. Fourth-quarter results also compare to the consensus estimates for EPS of $0.21 on revenue of $1.38 billion.
For the full year, the company reported EPS of $0.62 and revenues of $5.17 billion, compared with 2015 EPS of $0.62 and revenues of $4.97 billion.
On a GAAP basis, Yahoo posted net earnings of $162 million, compared with a net loss of $4.44 billion in the year-ago quarter. Adjusted EBITDA rose from $215 million in the fourth-quarter of 2015 to $324 million.
Due to the pending transaction with Verizon Communications Inc. (NYSE: VZ), the company did not have an earnings call or webcast again this quarter. The company also said that the Verizon transaction will be delayed until the second quarter of 2017.
Yahoo CEO Marissa Mayer said:
We continued to build our mobile and native businesses — delivering nearly $1.5 billion in mobile revenue and over $750 million in native revenue — while operating the company at the lowest cost structure in a decade. With our 2016 and Q4 financial results ahead of plan, and the continued stability in our user engagement trends, the opportunities ahead with Verizon look bright.
Search revenue increased from $528 million in the fourth quarter of 2015 to $767 million, helped by an accounting change announced and implemented in the third quarter. Absent the change, search revenue fell by $302 million (12%).
Shares closed up about 0.8% in Tuesday’s regular session at $42.40, in a 52-week range of $26.15 to $44.92. In the after-hours session, the stock traded up about 3%. The consensus 12-month price target on the stock was $45.59 before results were announced.
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