Google and Yahoo! publish financial results
Google released their results last week which were widely reported in the media - including by Information Week - and they were slightly better than analysts expected. Revenue for the first-quarter of 2009 was US$5.51 billion, up 6% year-on-year but 3% down on the last quarter of 2008. Their earnings-per-share figure was also better than anticipated ($4.93) which indicated that cost controls are working and the company is coping with the downturn so far.
Yahoo!'s quarterly results met the expectations of the market and the company said that economic conditions remained challenging, as revenue from advertising on Yahoo! websites and its partner websites declined during the first quarter of 2009. In the first quarter of 2009, Yahoo! generated revenue of US$1.58 billion, down 13% from the same period in 2008, with a net profit of US$118 million, down from US$537 million a year earlier. As reported by Reuters, Yahoo! also said it would cut 5% of its global workforce, following the earlier cuts announced in 2008.