As Marissa Mayer takes up her role as Yahoo CEO, the company announced a profits dip in the wake of a year of restructuring, which has seen the company go through three CEOs.
The company revealed a 4% dip in profits for the second quarter, with a sum of $226.6m (£145m, 184m Euro). Revenue came in below most analysts’ predictions at $1.08 billion. But Tim Morse, Yahoo’s chief financial officer, claimed that results were higher than consensus forecasts in several areas, including display and search advertising.
Yahoo has been forced to deal with a host of fresh competition in recent years, following the rise and rise of Google, and the increased popularity of social media such from sites such as Facebook and Twitter.
While Yahoo once commanded a 15.7% share of advertising revenue in 2009, the company claimed just 9.5% last year.
Results were announced just a day after Ms Mayer took up the role of CEO, in the wake of the company’s turbulent recent history.
In September 2011, CEO Scott Thompson resigned in the wake of a scandal regarding claims of falsified qualifications on his CV. Thompson was replaced by Carol Bartz who was also dismissed after failing to turn the company’s fortunes around.
Ms Mayer was just the 20th employee to join Google in its infancy and is largely credited with the development of hugely successful Google services such as Gmail, Google Maps and Google News.