Yahoo! Inc. (YHOO) Tuesday reported a rise in profit for the first-quarter, helped mainly by healthy margins which more than offset a 7 percent drop in revenues. Both earnings and revenues came in above analysts' expectations.
Earnings attributable to the company improved to $390.29 million or $0.35 per share from $286.34 million or $0.23 per share last year.
Adjusted earnings for the quarter was $0.38 per share. On average, 27 analysts polled by Thomson Reuters expected the company to earn $0.24 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues totaled $1.14 billion, down 7 percent from $1.22 billion last year. Analysts expected revenues of $1.10 billion.
Operating expenses decreased to $954.40 million from $1.05 billion last year.
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