Yahoo! Inc. (NASDAQ: YHOO) said late Tuesday that its first quarter net income declined to $223 million, or 17 cents per share, from $310.2 million, or 22 cents a share, in the year-earlier quarter. The latest results reflect an impairment charge of 2 cents a share, related to Yahoo Japan. . Revenue dropped to $1.21 billion from $1.6 billion in the prior year quarter. Analysts, on average, expected the company to report earnings of 16 cents per share on revenue of $1.06 billion.
"We are solidly executing toward our plan for returning Yahoo! to sustainable revenue and profit growth," said Carol Bartz, CEO of Yahoo!. "During the quarter, we beat the midpoint of revenue guidance while continuing to deliver on the bottom line. We continued to extend our lead as the world's premier digital media company with users to Yahoo! branded properties increasing 15% year over year and minutes spend increasing 17%."
Looking ahead, revenue ex-TAC for the second quarter of 2011 is expected to be in the range of $1.075 billion to $1.125 billion. GAAP revenue for the second quarter of 2011 is expected to be in the range of $1.23 billion to $1.29 billion. Income from operations for the second quarter of 2011 is expected to be in the range of $160 million to $190 million.
Yahoo shares climbed more than 4% in after-hours trading on Tuesday.
Full Disclosure: None.
