As predicted by several search industry analysts, Yahoo! has revealed that its earnings for the first quarter of this year beat expectations.The search engine provider reported net revenue of $1.35 billion, slightly ahead of initial estimates of $1.32 billion and 14 per cent higher than the $1.18 billion it made during the same period last year.
Commenting on the results, Jerry Yang, Yahoo! co-founder and chief executive officer, said: "This quarter's solid performance underscores the fact that we are executing on that plan.
"Yahoo! is beginning to realise the benefits of the very substantial and deliberate long-term investments we've made to capitalise on the opportunities ahead in display and to recapture momentum in search."
He went on to say that, not only does the search engine provider have a "unique franchise" and industry-leading technology, but it also benefits from the "dedication and professionalism" of its team.
Mr Yang added that the success of the financial quarter is indicative of how well the personnel at Yahoo! can perform under challenging circumstances.
However, the earnings report did not get a positive reaction from investors. Indeed, its shares fell in value following the announcement.
In an interview with Bloomberg, Paul Meeks, an analysts with family investment firm LR Burtschy & Co, said: "[Yahoo!] needed to show fabulous results and these are good results. I don't know if they're what's necessary to prove to investors they can go it alone."
