Yahoo Shares Climb as Earnings Report Beats Expectations
Shares of Yahoo Inc. (NASDAQ:YHOO) gained on Wednesday after the ailing company's first-quarter profit report surpassed what analysts had expected, and also noted its revenue grew, ending a streak of 13 consecutive quarterly declines, The Associated Press reports.
According to the media outlet, a number of analysts had a more positive sentiment toward the company following the report and the company's plan for a turnaround as outlined by Yahoo's new CEO. Yahoo reported profit of 23 cents per share, topping forecasted earnings of 17 cents per share. Net revenue was reported to be $1.08 billion.
According to a separate report by The Associated Press, the higher earnings are indicative of progress that has been made since CEO Scott Thompson took the helm.
Though mere steps compared to the large leaps that rivals Google Inc. and Facebook Inc. reported in earnings, the first-quarter results are quite a breakthrough for the struggling company.
"We still have a lot of work to do, but it's an important milestone for us," said Tim Morse, Yahoo's chief financial officer.
Changes in leadership and positive reports can be used with news on insider trades to influence investment decisions.
Read Full Insider Report For: YHOO |