INTERNET SEARCH PORTAL Yahoo unexpectedly beat analyst's expectations in the third quarter, following which the company's new CEO laid out her plans for the company's future.
Yahoo CEO Marissa Mayer's first full quarter as Yahoo's CEO came in above expectations. The company reported net income of $3.16bn for the third quarter. $2.8bn of that came from the company's recent sale of its stake in Chinese firm Alibaba.
During the company's earnings call, Mayer pointed to changing the culture at Yahoo and reemphasizing the company's core products as her goals going forward. The recently named CEO set out her plans following a better than expected first full quarter as the head of Yahoo.
"We have a fundamental foundation on which to grow," Mayer said during the call with investors. "We believe Yahoo's best days lie ahead."
Wall Street saw Yahoo's better than expected quarter as a positive. Yahoo's stock price jumped 4.76 per cent in after hours trading.
Mayer will look to carry through that positive momentum going forward. She laid down her plans for Yahoo's future and told investors that the company will start to double down on the things that made it successful in the past, like search and mail.
"The core components of Yahoo's business, search, mail, ads, news and homepage, are also the core products that I've built my career on," Mayer said during her call with investors.
"I came to Yahoo to grow and help redefine one of the internet's most beloved companies."
Mayer is a former Google executive who came to Yahoo last July. While at Google she focused on product engineering.
Analysts seem to like where Mayer intends take Yahoo. Principal analyst at Pund-IT Charles King told The INQUIRER that by focusing the company's goals Mayer is setting up Yahoo for a comeback.
"In essence, Marissa Mayer has stabilized the company by focusing on core competencies, eliminating waste, curtailing hopeless operations and tightening spending," King said.
"That has improved Yahoo's revenues and profits but, more importantly, it suggests the company is targeting achievable goals rather than pursuing a less-defined, scattershot market approach."
Another analyst, Rob Enderle agreed with King's assessment. Enderle told us that Mayer has done what her predecessors could not.
"So far I'm impressed. She seems to be sticking to the basics of executing a turnaround better than many of her more experienced peers and predecessors," Enderle said.
Along with her commitment to reestablishing a core group of businesses, Mayer also highlighted her attempts change the culture at Yahoo. During her brief tenure with Yahoo Mayer has brought on many new staff members she has worked with in the past.
Mayer also recently made the decision to give free smartphones to Yahoo employees. The change made headlines because the offer disallowed employees from using the Blackberry as their preferred work smartphone. µ
Pre-orders to begin on 9 September with release to follow on 16 September
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