GAAP revenue, which excludes traffic acquisition costs (called “revenue ex-TAC”), totaled $1.07 in the first quarter of 2013, flat with the same period a year ago. GAAP EPS totaled $0.35, which also excludes stock-based compensation expenses.
The company’s CEO said:
We saw continued stability in our business, strengthened our team, and started the year with fast execution against our products and partnerships. We are moving quickly to roll out beautifully designed, more intuitive experiences for our users. I’m confident that the improvements we’re making to our products will set up the Company for long-term growth.
The company did not provide guidance in the earnings press release, but the consensus EPS estimate for the second quarter is $0.27 on revenues of $1.11 billion. For the full year, the consensus estimates call for EPS of $1.11 and revenues of $4.58 billion.
Yahoo’s results are something of a mixed bag. Profits were higher, but revenues were down. Display revenue tumbled 11% to $455 million in the quarter and search revenue fell 10% to $425 million. Paid clicks rose 16%, but the company’s price per click fell 7%. All told, this is not a convincing story for shareholders.
Shares are down more than 4% in after-hours trading at $22.78 in a 52-week range is $14.59 to $24.99. Thomson Reuters had a consensus analyst price target of around $23.60 before today’s report.
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