Yahoo! Reports Second Quarter 2008 Financial Results - Fall in Profit

Yahoo! Inc. today posted financial results of second quarter ended June 30, 2008. The highlights of the results are-

• Revenue rose 6% to $1798 million compared to $1698 million in the same quarter of year 2007.


• Marketing revenue rose 7% to $1587 million compared to $1486 million in the same quarter of year 2007


• Operating income dropped 10% to $427 million compared to $474 million for the same quarter of year 2007.

Yahoo posted close to 19% fall in net profit. Below is the snippet of official press release from Yahoo!

“Yahoo! is executing against its strategy, and we believe is well positioned for long-term growth and maximizing stockholder value,” said Jerry Yang, co-founder and chief executive, Yahoo! Inc. “Yahoo! saw benefits in the second quarter from a number of the strategic initiatives that we have been delivering against, including the roll out of innovations in search and the announcement of a number of important partnerships.
We are seeing validation that we have the right strategy as we continue to make transformational investments that position us to take advantage of pivotal trends driving growth on the Internet.”

Yahoo! also said that Microsoft proposal is one of the reasons of fall in operating income. Yahoo!'s results came the very first day after the proxy fight settlement with Mr. Icahn.

Source:-
Yahoo! Reports Second Quarter 2008 Financial Results

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