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Tough Sale for Yahoo!
Internet media company Yahoo! (YHOO) has posted March-quarter revenues of $1.597 billion, 1% higher than the year-earlier level $1.58 billion, but 3% short of the $1.65 billion that we had estimated. Although large advertisers increased their spending (display ads rose 20%), search advertising revenue, which is generated mostly from small and mid-sized companies, declined 14%. Share earnings of $0.15 beat both the year-earlier tally of $0.08 and the $0.10 that we were looking for. Investors seem a bit disappointed, however, and the stock traded slightly lower on the news.