Business News
Yahoo sales and profit falls
Jan 24, 2012, 21:55 GMT
San Francisco - Yahoo reported fourth quarter profits of 296 million dollars, a drop of 5 per cent compared to the 312 million dollars it earned in the same period a year earlier.
The struggling internet pioneer said that revenues were 1.17 billion dollars, down 3 per cent from the 1.2 billion dollars in sales a year earlier.
The earnings results came less than a month after the company appointed former PayPal executive Scott Thompson as its CEO and just a week after the resignation from the board of company co-founder Jerry Yang, a move that was seen as promoting efforts for Yahoo to sell its 17-billion-dollar holdings in Chinese trading site Alibaba.com and in Yahoo Japan.
'Yahoo continued to make progress in the quarter with operating income increasing 10 percent year over year,' said Thompson. 'In 2012 we will be aligning resources behind key areas of focus to enable us to move aggressively in market and grow our business, bringing innovative new products and experiences to both our users and advertisers.'
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