Yahoo has released its fourth quarter results, and it’s something of a mixed bag for the web company.
While net income surged to $153 million (£94 million), up from losses of $303 million in the same quarter last year, revenues dropped 4% to $173.2 million.
The company struggled throughout the economic downturn, and was forced to cut 10% of its workforce at the end of 2008 – amounting to close to 2,000 employees.
Our business has positive momentum and we feel good as we head into 2010
However, the company’s chief executive, Carol Bartz remained bullish about the company’s future. “The fourth quarter marked a strong finish to 2009, which was a transformative year for Yahoo,” she says in a statement.
“We beat the high end of our revenue guidance, saw demand for premium display advertising improve significantly and grew Owned & Operated search advertising revenue sequentially for the first time since the third quarter of 2008.”
“Our business has positive momentum and we feel good as we head into 2010,” she concludes.
The company has predicted that the first quarter of 2010 is looking less fruitful, with forecasted revenues in the range of $1,575 million to $1,675 million.
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