Yahoo earnings fall 91 percent
Yahoo’s latest quarterly results show the Internet company is regaining its appeal among investors a lot faster than with the online advertisers who generate most of its revenue.
The numbers released Tuesday are the latest to underscore CEO Marissa Mayer’s challenges even as Yahoo’s stock continues to soar under her leadership.
Yahoo Inc. earned $297 million, or 28 cents per share, in the three months ending in June. That’s a 91 percent drop from nearly $3.2 billion, or $2.64 per share, at the same time last year.
It wasn’t an apples-to-apples comparison because last year’s profit was lifted by a $2.8 billion windfall from Yahoo’s sale of part of its stake in Alibaba Group.
Revenue fell 5 percent from last year to $1.1 billion. ASSOCIATED PRESS
Apple hires Burberry exec to run retail stores
Apple is entrusting the elegant stores that help define its brand to Angela Ahrendts, a respected executive who blended fashion sense with technological savvy to establish Burberry as a mark of luxury and success.
The hiring announced Tuesday is a coup for Apple Inc. Besides providing the Cupertino, Calif. company with another sharp mind, Ahrendts should help Apple deflect potential criticism about the lack of women in the upper ranks of its management.
Silicon Valley’s long-running reliance on men to make key decisions has come into sharper focus as online messaging service Twitter Inc. prepares to go public. Twitter’s closely scrutinized IPO documents called attention to the San Francisco company’s all-male board of directors and the presence of just one woman in its executive inner circle.
Apple has one woman, former Avon Products Inc. CEO Andrea Jung, among the eight directors on its board.
Ahrendts will report directly to Apple CEO Tim Cook when she leaves Burberry to join Apple next spring in a newly created position of senior vice president of senior vice president in charge of retail and online stores. ASSOCIATED PRESS
Citigroup earnings dip on re-fi slump
Citigroup said its earnings fell slightly in the third quarter after a $1 billion drop in revenue from its bond trading business and a slump in mortgage refinancing.
Net income for the July-to-September period fell to $3.26 billion from $3.27 billion in the same period a year ago after excluding an accounting gain and other one-time items. The earnings amount to $1.02 per share compared with $1.06 per share a year earlier.
Revenue fell to $18.2 billion compared with $19.2 billion a year earlier.
The bank said that “significantly lower” mortgage refinancing business in the U.S. contributed to a 7 percent decline in Citi’s consumer banking revenue. ASSOCIATED PRESS