At last, some good news for Yahoo. The
troubled internet pioneer said Tuesday that first quarter profits
rose 28 percent to $286.3 million as its advertising revenue
grew on the strength of its search business.
Revenue was flat at $1.22 billion dollars, but cost-cutting at the company enabled the profit increase. New Chief Executive Scott Thompson recently announced that Yahoo would cut some 2,000 workers, or 14 percent of its workforce, as it struggles to compete with Internet rivals such as Google and Facebook, which attract larger audiences than Yahoo does. Thompson last month also announced a major reorganization.
"In the first quarter, Yahoo's results came in at the high end of our guidance range and beat consensus on revenue and profits," said Thompson, in announcing the results. "We also made changes to resize the organization and establish a new leadership structure to quickly deliver the best user and advertiser experiences at scale."
Most Popular Stories
- Ex-Mobster to Bulger: Just Say Sorry
- Google Stock Split Ahead
- Guns Are Hot in California
- OSH Selling Most of Its Stores to Lowe's
- MillerCoors Taps New Hispanic Ad Agency
- Honda Says Sorry About the Lack of Electric Fits
- El Paso Symposium Offers Help to Startups
- First Person Cured of AIDS Virus Wants to Help Others
- Small Businesses Hiring, but Worry About Expense
- LULAC Convention Starts With Focus on LGBT Youth