Yahoo profit rises, but sales are stagnant
A string of acquisitions and corporate changes haven't yet rekindled Yahoo's advertising business.
Yahoo reported some days ago that quarterly sales fell slightly short of both Wall Street's expectations and its own results from a year ago. Excluding revenue shared with advertising partners, Yahoo's sales came up just shy of $1.1 billion for the quarter ended June 30, down about 1% from last year. Sales for Yahoo's display advertising (banners and video ads) business dropped 11%.
Yahoo's core profit for the quarter, excluding stock-based compensation and some one-time expenses, rose to $331 million, up 46% compared to last year. Excluding some expenses, Yahoo earned 35 cents per share, beating the 30 cents per share consensus forecast of analysts polled by Thomson Reuters.