Internet giant Yahoo! has reported a $303 million (£212 million) net loss in the fourth quarter, although its revenue was up for the period.
The company’s net income for the whole of 2008 was down 36% on 2007 to $424 million. Yahoo! said that the loss was due to restructuring charges related to layoffs and write downs on its European properties. Net income earned in the fourth quarter of 2007 reached $206 million.
Excluding certain items, Yahoo! said that it would have earned 17 cents per share, an improvement on the previous year’s results.
The firm’s revenue increased 3% in 2008, to $7.21 billion, beating analyst’s expectations and boosting its share price by 76 cents to $12.10 in extended trading yesterday after closing at $11.34.
Carol Bartz, Yahoo!’s new chief executive, said: “We have work to do, but I am excited by Yahoo!’s opportunities, and encouraged by the tremendous innovation and momentum I’ve seen since joining the company as CEO.”
Bartz explained that she does not intend to sell Yahoo! to Microsoft, although she left the door open for a possible deal for Yahoo!’s search operations.
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