Yahoo announces impressive results
CEO dismissal does nothing to dampen Yahoo’s results
Yahoo records impressive third quarter results
US web giant Yahoo has announced impressive third quarter profits which were well ahead of very modest predictions previously made by experts.
Profit including some costs stood at 21 cents a share, which topped the average 17-cent Bloomberg estimate although net profit for the company dropped 26 per cent to $396.1 million (£248 million).
Many an internet marketing consultant, as well as other internet experts, would have predicted a sluggish quarter following the dismissal of former chief executive officer Carol Bartz in September. Ms Bartz was fired for failing to keep pace with Facebook and Google as many firms chose those rivals over Yahoo to help with website promotion.
According to Emarketer, online advertising is set to grow 20 per cent this year. Tim Morse, Yahoo’s interim chief executive officer, told Bloomberg News: “We’re just focused on what we can control.”
“We’re really working on our underlying technology, our interface with advertisers, our products, our partnerships. That’s the game plan, and we’re just going to keep our heads down and focus on that.”
A number of firms have been attracted into bidding for the company, who still enjoy a healthy reputation despite Google’s incredible strength within the industry.
According to Bloomberg, a number of private equity investors are in talks to make a bid. In a conference call with analysts, the news source quotes Mr Morse as saying: “The board is actively looking at the full range of options available to return the company to a path of robust growth and industry-leading innovation.”
“The board also has said that when it has something to announce, it will do so. That will take time.”
Screen Digest recently warned that Google’s near-monopoly on online advertising could be under threat from smaller firms in countries such as Russia and China where online advertising hasn’t fully reached its potential.
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