today released quarterly financial results that approached, but fell short of, Wall Street expectations. The company's net revenue reached $1.07 billion, the low end of what the company forecast in January, with analyst estimates at $1.1 billion. Yahoo said it earned $390 million, or 35 cents a share in the first three months of the year, compared to $286 million, or 23 cents in first quarter of 2012.
The fallen revenues came as a result of a continuing drop in the company's display advertising sales, with an 11 percent fall year-over-year. Search advertising revenue offset some of the drop, with an increase of six percent year-over-year. Overall, the company saws a seven percent drop in revenue from the first quarter of 2012.
"I'm pleased with Yahoo!'s performance in the first quarter. We saw continued stability in our business, strengthened our team, and started the year with fast execution against our products and partnerships," said Yahoo! CEO Marissa Mayer. "We are moving quickly to roll out beautifully-designed, more-intuitive experiences for our users. I'm confident that the improvements we're making to our products will set up the company for long-term growth."