Yahoo! net profit down 28pc

SAN FRANCISCO: Yahoo! said Tuesday that net profit fell 28 percent in the first quarter from a year ago to $223 million dollars while revenue declined 24 percent to $1.2 billion.

The quarterly results for the Sunnyvale, California-based Internet company, while down year-over-year, were better than expected by Wall Street analysts and Yahoo! shares gained 2.92 percent to $16.54 in after-hours trading.

"We are solidly executing toward our plan for returning Yahoo! to sustainable revenue and profit growth," Yahoo! chief executive Carol Bartz said in a statement.

"During the quarter, we beat the midpoint of revenue guidance while continuing to deliver on the bottom line," Bartz said.

"We continued to extend our lead as the world's premier digital media company with users to Yahoo! branded properties increasing 15 percent year-over-year and minutes spent increasing 17 percent."