NEW YORK -- Yahoo! (YHOO), the Internet giant, posted quarterly earnings that beat Wall Street expectations, but revenue continued to move in the wrong direction and guidance came in short of estimates.
Yahoo! reported first-quarter non-GAAP earnings of 38 cents a share on revenue of $1.14 billion, excluding traffic acquisition costs. Including TAC, sales were $1.07 billion.
The company noted display revenue ex-TAC was $402 million for the first quarter of 2013, down 11% from last year. Search revenue also declined, coming in at $425 million, down from $470 million in the first quarter of 2012.
Analysts expected Yahoo! to earn 24 cents a share on $1.1 billion in revenue for the first quarter.Yahoo!'s second-quarter guidance came in below estimates. Excluding TAC, revenue is expected to be between $1.06 billion and $1.09 billion, with non-GAAP operating income between $190 million and $210 million. Analysts polled by Thomson Reuters are looking for sales of $1.12 billion. Yahoo! Plunges as Outlook Disappoints
Intel (INTC) topped Wall Street's first-quarter sales estimates but earnings were below forecasts. The chipmaker earned 40 cents a share, down from 53 cents a share in the prior year's quarter. Intel reported revenue of $12.6 billion, compared to $12.9 billion for the same period last year. Analysts were looking for earnings of 41 cents a share and revenue of $12.59 billion. For its fiscal second quarter, Intel expects revenue of $12.9 billion, plus or minus $500 million, broadly in line with Wall Street's forecast of $12.85 billion. Intel also predicts a gross margin of 58%, plus or minus a couple of percentage points. Intel Beats Topline Estimate on Chip Sales
Bank of America (BAC) is expected by analysts on Wednesday to post first-quarter earnings of 22 cents a share on revenue of $23.4 billion. Most of Bank of America's turnaround depends upon the U.S. housing recovery, which has lately shown some signs of slowing. Bank of America Earnings Seen Muted
American Express (AXP) is expected by Wall Street on Wednesday to report first-quarter profit of $1.12 a share on revenue of $8.03 billion.
EBay (EBAY), which reports Wednesday after the closing bell, is forecast to post quarterly profit of 62 cents a share on revenue of $3.76 billion.
Abbott Laboratories (ABT) is expected by Wall Street to report first-quarter profit of 41 cents a share on revenue of $5.42 billion.
Toy company Mattel (MAT) is forecast to post earnings on Wednesday of 9 cents a share in the first quarter on revenue of $985.8 million.
-- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: email@example.com.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV