Shares of Yahoo Inc. (YHOO) are down 11% to $18.62 in after-hours trading after the company said its fiscal fourth-quarter profit fell from a year earlier, amid an ongoing reorganization of the Internet company.
The Sunnyvale, Calif., company said its net income for the period ended in December fell to $205.7 million, or 15 cents a share, from $268.7 million, or 19 cents a share a year earlier. Total revenue rose 8% to $1.8 billion. Net sales, which exclude payments Yahoo makes to other Websites to acquire traffic, rose to $1.4 billion from $1.2 billion.
On average, analysts polled by Thomson Financial had estimated Yahoo would report earnings for the fourth quarter of 11 cents a share on net sales of $1.4 billion.
According to our math...they beat net income estimates by 4 cents and met net revenue estimates. Problem is they also announced that they will lay off 1,000 workers to the tune of $25 Million in the form of a charge....and they lowered guidance for the full year 2008.
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