Yahoos profit dips by four percent

Yahoo said Tuesday its profit in the past quarter fell modestly in results reflecting upheaval at the struggling Internet pioneer, which named a new top executive this week.The company, which appointed Marissa Mayer of Google as its new chief executive on Monday, said profit fell four percent to $226.6 million, in a report that was better than expected.That translated to 27 cents per share excluding special items, ahead of analyst expectations of 23 cents a share.Revenues excluding traffic acquisition costs, the key barometer for the Web giant, were flat at $1.08 billion, below most forecasts. Total revenues were virtually unchanged at $1.2 billion.The results underscored the turmoil at the California tech firm, which is undergoing major restructuring and forced out its top executive in May over an inflated resume.Chief financial officer Tim Morse said the results beat consensus forecasts in areas including display and search advertising, where Yahoo has been pounded by Google.Over the past quarter, Yahoo moved aggressively with new strategic agreements and unveiled new partnerships, he said, as the pioneering Internet search firm continued a quest to re-invent itself.Yahoo shares dropped 0.32 percent in after-hours trade to $15.55 after a small drop during the regular session on Wall Street.Douglas McIntyre at 24/7 Wall Street said Yahoos results were within expectations.Many analysts were focused on the new CEO and future strategy instead of the past quarter.Her background should certainly benefit Yahoos mobile strategy in addition to news and search verticals, said Susquehanna Financial Groups Herman Leung.Three CEOs in less than a year does not spell confidence for investors despite a strong hire, but the good news is that she will likely have a few quarters of runway before investors gauge progress.