New York, July 19 (FinanceEnquiry.com) – Yahoo (NASDAQ: YHOO) announced its second quarter results that again showed the lackluster performance of the company and highlighted the challenges that Yahoo’s newly hired CEO, Marissa Mayer will have to face while trying to turn around the Internet giant. It is certainly going to be an uphill task for the top ex-Google (NASDAQ: GOOG) executive to attempt to reverse years of financial lethargy that has weighed heavily on Yahoo, while its rivals such as Google and Facebook (NASDAQ: FB) have moved ahead rapidly.
In its latest quarter, Yahoo has been struggling under two different CEOs, Scott Thompson and Ross Levinsohn. It earned $227 million for the quarter ending in June, down 4 percent from net income of $237 million a year ago. Its earnings per share for the quarter remained static at 18 cents per share, against analysts’ projected earnings of 20 cents per share.
The latest quarter results were down mainly because of a $136-million charge for employee layoffs. The Sunnyvale, California-based company slashed 1,500 people from its payroll to end June with 12,500 employees. Yahoo said that if the severance charge and special tax provision are not considered, it would have earned 27 cents per share.
Yahoo’s revenue for the period slipped 1 percent from last year to $1.22 billion. Its net revenue totaled $1.08 billion, down $16 million below analysts’ estimates.
Yahoo shares edged up 4 cents to $15.64 in Tuesday’s extended trading.
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