Yahoo! reports EPS in-line, misses on revs; guides Q3 revs below consensus (14.59 +0.17)
Reports Q2 (Jun) earnings of $0.18 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.18; revenues fell 4.6% year/year to $1.08 bln vs the $1.1 bln consensus, primarily due to the revenue share related to the Search Agreement with Microsoft. GAAP rev -23% YoY to $1.23 bln. Excluding this item and other special items, revenue ex-TAC for the second quarter of 2011 increased 1% YoY. Special items include the impact of the divestiture of HotJobs, broadband deferred revenue amortization, and certain fee rate reductions. Co issues downside guidance for Q3, sees Q3 revs of $1.05-1.10 bln vs. $1.12 bln Capital IQ Consensus Estimate; GAAP revenue for 3Q11 is expected to be in the range of $1,200 million to $1,260 mln. Total expenses (cost of revenue plus total operating expenses) for the third quarter of 2011 is expected to be in the range of $1,065-1,095 million. Total expenses less TAC for the third quarter of 2011 is expected to be in the range of $915-935 million. Income from operations for Q3 is expected to be in the range of $135-165 mln. “We experienced softness in display revenue in the second half of the quarter due to comprehensive changes we have made in our sales organization to position ourselves for more rapid display growth in the future.”
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