In Yahoo News [news.yahoo.com]...
|CORRECTED: Yahoo adjusted profit tops Wall St. average |
SAN FRANCISCO (Reuters) - Yahoo Inc (YHOO.O) on Tuesday posted quarterly profit, excluding one-time items, at the top end of Wall Street's range of lowered forecasts, as it sought to bolster its case that Microsoft Corp's (MSFT.O) takeover bid undervalues it.
Buoyed by a large gain on a stake in China's Alibaba.com Ltd (1688.HK), Yahoo's first-quarter net income rose to $542.2 million, or 37 cents per diluted share, compared with the year-ago quarter's $142.4 million, or 10 cents per diluted share....
Here's more of what Jerry Yang said:
|Not only does Yahoo! have a unique franchise, it increasingly has industry-leading tools, technology and, most importantly, people. |
Yahoo has been quietly shutting down their industry-lagging tools like Yahoo 360 and Yahoo Music JukeBox, as well as shuttering and consolidating other parts of their portal network while their new women's portal Shine, a content aggregator (a term also used for scrapers), resembles an effort to "look busy" rather than an actual attempt to create something useful, interesting, and worth visiting. As for the important people Jerry lauds and pats on the back, is he also including the ones he just laid off?
The NYTimes has a thought provoking piece entitled, Yahoo Toots Its Horn as It Falls Further Behind [bits.blogs.nytimes.com] where it notes:
- Yahoo spent $13 million to defend against Microsoft.
- Yahoo invested $17 million into getting rid of it's "important" people.
- The revenue from the Yahoo content network fell 7 percent.
- Yahoo fell behind in building the infrastructure on which to grow. So while Yahoo was waving the white flag Google spent six times more than Yahoo did to position itself for growth and expansion of it's tools and technologies, and most importantly, adding more people.
At this point Yahoo needs to spin a postive light on the current financial situation, for many reasons - but mostly due to the pending MS offer/proxy battle (even if in reality it's nowhere near the truth, which I'm sure it isn't).
Shouldnt have my Yahoo shares gone up today?