Not Much to Yahoo! About

In the first quarterly earnings report of the post-Terry Semel era, Yahoo! reported profits down about 2%. That was no surprise given the heads-up Yahoo provided a few weeks ago when the CEO stepped down to make way for the return of cofounder Jerry Yang in the top job. But investors, who had bid up the stock 3% before the results, were reversing course in after-hours trading, with shares down about 3% shortly after the announcement but before the conference call. More to come after that, but two things that stick out for now: Ad revenue on Yahoo’s own sites was up 18%, while revenue on affiliate sites was down 5%. Also, while international revenues were up 15%, triple the U.S. rate, operating income abroad was down 4% compared with a 6% rise in the U.S.

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