UPDATE, 3:05 PM: CEO Marissa Mayer was a no-show on Yahoo’s analyst call to discuss Q2 earnings. “I’m sure you’ll be hearing from her soon,” CFO Tim Morse said. That limited his ability to discuss the company’s plans. There was also no financial guidance. “We believe it’s best to give our new CEO time to acclimated to Yahoo” before offering new forecasts.
PREVIOUS, 1:10 PM: Investors may be more interested in new CEO Marissa Mayer‘s plans than in Yahoo‘s recent performance. But the Q2 results should enable them to breathe a small sigh of relief. The company reported net income of $228.5M, down 4.2% vs the same period last year, on revenues of $1.22B, -0.9%. The revenue figure tops the $1.1B that analysts expected. Yet earnings, not including restructuring charges and deal-related expenses, came in at 27 cents a share — ahead of the 18 cents that the Street expected. With the charges, earnings would match the consensus forecast. Yahoo’s release is light on commentary but notes that display revenue increased 2% to $535M while search revenue fell 1% to $461M. CFO Tim Morse says that display and search revenues, not including traffic acquisition costs, “showed modest growth.” He added that the company “moved aggressively with new strategic agreements with Alibaba and Facebook and announced several new partnerships including CNBC, Clear Channel and Spotify.” Yahoo shares are up less than 1% in after-market trading.