Yahoo! Earnings Double But Revenue Slips; Layoffs on the Way
The results announced Tuesday underscore why many investors are wondering if Yahoo CEO Carol Bartz is the right person for the job as she enters the second half of a four-year contract she signed in January 2009.
Although Bartz has boosted Yahoo’s earnings through layoffs and other cost-cutting measures, the company’s revenue has fallen from its levels before her arrival.
Yahoo Inc. earned $312 million, or 24 cents per share, in the October-December period. That compares with net income of $153 million, or 11 cents per share, at the same time in 2009.
Revenue dropped 12 percent from the prior year to $1.53 billion.
Earlier today, the company said (after news was leaked) that it would lay off another 100+ employees.