Yahoo! profit climbs 28%
SAN FRANCISCO, USA – STRUGGLING Internet pioneer Yahoo! yesterday saw its faltering stock price bolstered by news that its profit climbed 28 per cent in the first three months of the year.
The California-based firm reported net income of US$286 million on revenue just shy of US$1.08 billion in the quarter. Yahoo! shares jumped more than two per cent on the news, quickly hitting US$15.32 a share in after-market trade.
“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 chief executive Scott Thompson.
“We also made changes to resize the organisation and establish a new leadership structure to quickly deliver the best user and advertiser experiences at scale.”