Yahoo (YHOO) this afternoon reported Q1 revenue of $1.597 billion, up 1% from a year ago. Revenue ex-traffic acquisition costs was $1.13 billion, down from $1.16 billion a year ago, and below the Street consensus at $1.17 billion. On the other hand, EPS was 22 cents a share, including gains of 5 cents a share from the sale of Zimbra and 2 cents related to cost reimbursement from Microsoft related to their search deal; that brings the pre-gain total to 15 cents, which still beat the Street at 9 cents.
Market services revenue were up 3% versus last year,� but fees revenue was down 11%. On a sequential basis, market services revenue was down 7%, and fees revenue was down 11%.
Ad revenue from owned and operated suites was flat from a year ago, with a 20% rise in display ad revenue, offset by a 14% drop in search ad revenue.
Ad revenue from affiliate sites was up 7% from a year ago.
For Q2, the company sees revenue of $1.6 billion to $1.68 billion, with income from operations of $155 million to $195 million; that compares to income from operations in Q1 of $188 million. Total expenses for the quarter are expected to be $1.445 billion to $1.485 billion, or $970 million to $990 million ex-TAC.
YHOO in late trading is up 5 cents at $18.43.
Update: Those lighter-than-expected revenues are beginning to take a toll: as of 3 p.m. Pacific time, YHOO in late trading is down 73 cents, or 4%, to $17.65.
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