Yahoo! recorded an 11% decline in profits for the first quarter of 2007, to $142 million (£70.7 million).
Revenues were $1,672 million for the first quarter of 2007, a 7 percent increase compared to $1,567 million for the same period of 2006.
Susan Decker, chief financial officer, Yahoo!, said: “Our first quarter financial results reflect solid execution against our plan. We maintained strong profitability and cash flow, while remaining focused on building innovative products and services for our large and growing base of users, advertisers and publishers.
“As we look ahead, we are very excited about the transformational changes taking place on the Internet, creating great opportunities for both users and marketers, and we are confident that Yahoo! has the right combination of assets to help lead this evolution.”
Market research firm comScore yesterday revealed that in March, Google captured 48.3% of the US search market, compared with Yahoo!’s 27.5%.
In February, Yahoo! launched a new online advertising platform called Panama, which is thought to lie at the heart of the company’s attempts to boost its revenue.
Commenting on the financial results, Terry Semel, chairman and CEO of Yahoo!, said: “We continued to make good progress against the goals we outlined for the company last year and as a result, delivered a solid financial performance for the first quarter.
“Yahoo! remains committed to delivering both increased value for advertisers and the highest quality content to the majority of the world’s Internet population. With this powerful combination, we believe that Yahoo! is well positioned to capture the major growth opportunities we see ahead for the future.”
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