INTERNET PORTAL Yahoo has posted its first annual revenue increase in four years as the company continues its efforts to rebuild under new leadership.
The company said that it saw revenues of $4.986bn on the year, up from 2011's revenue haul of $4.984bn. On the quarter, the company pulled in some $1.34bn of revenues, up from $1.32bn over the previous quarter, a two per cent increase on the year.
"In 2012, Yahoo exhibited revenue growth for the first time in four years, with revenue up two percent year-over-year," Yahoo CEO Marissa Mayer said in announcing the results.
"During the quarter we made progress by growing our executive team, signing key partnerships including those with NBC Sports and CBS Television, and launching terrific mobile experiences for Yahoo Mail and Flickr. At the same time, we achieved tremendous internal transformation in the culture, energy and execution of the company."
Though revenues were up on the quarter, the company said that it saw its net income drop by 22 per cent year over year. Display ad revenue was down from the same period last year, while the total number of ads sold dropped from the same period in 2011 and down from the previous quarter.
Other parts of Yahoo's business, however, showed encouraging signs. The company saw search revenues climb by four per cent. Paid clicks climbed by 11 per cent on the year, while the cash balance was up by $3.5bn.
The slight revenue increase is an encouraging sign for Yahoo and the company's prospects of a turnaround under new CEO Mayer, who the firm lured away from rival Google. Since taking over the helm of the company in the middle of last year, Mayer has begun a series of reforms at the former internet search giant. µ
This article was originally published on V3.
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