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VOL. 37 | NO. 28 | Friday, July 12, 2013
Yahoo's 2Q earnings rise 46 pct, revenue sinks
SAN FRANCISCO (AP) — Yahoo's second-quarter results aren't giving Marissa Mayer a lot to celebrate as she completes her first year running the Internet company.
The numbers released Tuesday show Yahoo Inc.'s earnings climbed 46 percent, thanks to a major boost from an investment in Chinese Internet company Alibaba.
But Yahoo's revenue fell 7 percent from last year, highlighting a recurring problem despite other signs of progress under Mayer's leadership.
The lackluster growth reflects Yahoo's difficulties selling more digital advertising as marketers increase their spending at rivals Google Inc. and Facebook Inc.
Yahoo earned $331 million, or 30 cents per share in the three months ending in June. That compared with net income of $227 million, or 18 cents per share, at the same time last year.
Revenue totaled $1.14 billion.