Yahoo! reports decline in Q4 net income

SUNNYVALE/SAN ANTONIO (USA): Yahoo! has reported a 23 per cent decrease in net income at $206 million for the quarter ended December 31, 2007, compared to $269 million reported during the same period of 2006.

Revenues for the quarter increased by eight per cent at $1.83 billion, compared to $1.70 billion for the corresponding quarter previous year.

For the fiscal year 2007, the Internet giant reported net income of $660 million, compared to $750 posted in FY 2006.

Revenues for 2007 were $6.96 billion, an eight per cent increase compared to $6.42 billion for 2006.

Yahoo! said it expects FY 2008 revenues between $7.2-8 billion. For the quarter ended March 31, the company projected revenues between $1.68-1.84 billion.

“While we will continue to face headwinds this year, we believe that the moves we are making will help us exit 2008 stronger and more competitive and return to higher levels of operating cash flow growth in 2009," said Jerry Yang, co-founder and chief executive officer, Yahoo! Inc.

New CTO

The company also announced the appointment of Aristotle "Ari" Balogh, as its chief technology officer (CTO).

Based at Yahoo! headquarters in Sunnyvale, Balogh will lead the company’s global engineering organization and manage all of the company’s technology operations.

Prior to Yahoo!, Balogh was executive vice president, chief technology officer, and head of global product design for VeriSign.

Partnership with AT&T

Yahoo! said it has entered into a new multi-year alliance with wireless and broadband provider AT&T. Yahoo! would provide search and display advertising for AT&T consumers on mobile devices and the PC.

The agreement enables the companies to share revenue. Financial details of the agreement were not declared.

Yahoo! would provide a new look to the att.net portal, beginning in the second quarter. My Yahoo! and Yahoo! Mail platforms would run the portal.

The portal would be made available to AT&T Yahoo! customers, AT&T Internet customers in the former BellSouth service area and those with the legacy AT&T WorldNet service.

Once the new portal is launched AT&T customers can access the new Web portal and e-mail services at no additional charge.

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