Yahoo beats analysts’ expectations with fastest revenue growth since 2010
The figures
At $1.24bn, Yahoo's sales smashed analysts' expectations. The company was expected to report a sinking revenue, with analysts forecasting revenues of $1.03bn, but instead reported a 15 per cent growth against the same period last year.
Earnings are squeezed, however, with the company reporting earnings per share of $0.16, against expectations of $0.18.
Yahoo's share price, which has been sinking, down 22 per cent this year, was down 2.3 per cent today.
Why it's interesting
Chief executive Marissa Mayer has been leading Yahoo's turnaround for three years now, but disappointing results have had investors concerned about how future-proof the company's strategy is.
Sales smashing analysts' expectations may quench some of these fears, even as the cost of the company's traffic acquisition made for disappointing earnings.
What they said
Chief executive Marissa Mayer said:
I'm extremely pleased with our achievements in the second quarter, with revenue growing 15 per cent year-over-year, marking our most substantial GAAP revenue growth in almost nine years.
In short
Yahoo is in the middle of a makeover, but with positive revenue figures this quarter mean the company's sales plunge may have been turned around.