Yahoo! Inc. Shares Soar As Core Revenues Return to Growth

In the first quarter, Yahoo! broke a 3-year trend to deliver sales growth in a core business operation. Shares skyrocketed on the news.

Apr 15, 2014 at 5:55PM

Yahoo
Image source: Yahoo!

Online content portal Yahoo! (NASDAQ:YHOO) just reported first-quarter results alongside a slide deck with financial highlights. Yahoo shares surged more than 10% higher on the news.

Non-GAAP revenues increased 1% year over year to $1.1 billion, in line with analyst projections. Adjusted earnings stayed flat at $0.38 per share, a penny ahead of the Street consensus.

Display ad sales after traffic acquisition costs, or TAC, increased 1.7% from the year-ago period. Search revenue, ex-TAC, climbed 8.7% higher, helped by dramatically reduced traffic acquisition expenses. Other operations added up to an 11% TAC-adjusted revenue drop.

"Buoyed by our 9th consecutive quarter of year-over-year growth in Search revenue ex-TAC and our first quarter of Q1 year-over-year growth in display revenue ex-TAC since 2011, Q1 was an early and important sign of growth in our core business," said Yahoo! CEO Marissa Mayer in a prepared statement.

Mayer also noted that mobile content and traffic is central to Yahoo!'s future, and expressed delight at reaching 430 million monthly mobile users during the quarter.

Anders Bylund has no position in any stocks mentioned. The Motley Fool recommends Yahoo!. Try any of our Foolish newsletter services free for 30 days.

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