NEW YORK: Tech giant said after the bell that Yahoo first-quarter adjusted earnings came in at 15 cents per share on USD 1.04 billion in revenue. Analysts had expected Yahoo to report earnings of about 18 cents per share on USD 1.06 billion in revenue.
Both the top and bottom line figures fell from the year-ago period when the company had posted earnings of 38 cents per share on USD 1.09 billion in revenue.
The company’s stock dropped about 1.5 percent in after-hours trading immediately following the announcement. But by the time the earnings webcast conclude, shares traded more than 1 percent above Tuesday’s close.
“Yahoo is amidst a multi-year transformation to return an iconic company to greatness,” CEO Marissa Mayer said in the company’s earnings release.
Ironfire Capital’s Eric Jackson told that he believed Mayer’s turnaround of the company had thus far proven disappointing, especially since activist investor Starboard Value began agitating for changes.
“It’s been six months, since Starboard began speaking up and these results are very underwhelming,” Jackson said. “I think investors want to know when we actually start to see a ‘Marissa premium’ built into these shares rather than a ‘Marissa discount.'”
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