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Yahoo's first quarter financials show signs of recovery

CEO Scott Thompson turns things around
Wed Apr 18 2012, 10:28

STRUGGLING INTERNET PORTAL Yahoo has reported growth for the first time in three years, reflecting well on its recently hired CEO Scott Thompson.

During the company's first quarter earnings call, Thomson revealed that net income grew 28 per cent to $286m or 23 cents a share, besting Wall Street analyst expectations of 17 cents a share. Thompson, who took over the flailing search engine firm in February, also revealed his plans to revitalise the company in a bid to regain market share from online rivals, saying that he will not be happy until Yahoo is keeping up with its arch-rival Google.

Thompson's plans include shuttering a number of underperforming online properties, with a new found focus on improving Yahoo's online commerce and mobile service. He said, "In the first quarter, Yahoo!'s results came in at the high end of our guidance range and beat consensus on revenue and profits."

"We also made changes to resize the organization and establish a new leadership structure," he added, referring to the 2,000 job cuts that the company recently announced in a bid to better innovate.

"I'm convinced that we don't need to reinvent who we are. But I'm equally convinced we absolutely do need to reinvent the experiences our users have with the marquee properties that bring them to Yahoo every day." µ

 

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