Netease technology news News January 27, Credit Suisse investment report released today, Yahoo's fourth-quarter earnings report showed slightly higher than expected, and that optimistic about Yahoo's recent performance, but that the long-standing concern.
the following main contents of the report:
United States the day time on January 26, Yahoo announced fourth quarter fiscal 2010 earnings. Reported a net revenue of 1.2 billion (up by 4%), higher than 1% of our expectations. The same as in recent quarters, showing a positive growth in advertising revenue, search and other services offset the decline in revenue. Excluding restructuring costs, calculated in accordance with U.S. GAAP profit before interest and tax 258 million, higher than our forecast of 245 million, earnings per share were $ 0.26, compared with 0.11 dollars, higher than our forecast of 0.25 dollars.
growth opportunities in view of profitability, cyclical recovery in advertising (display advertising growth in the fourth quarter, up 16%) and low valuation, we are optimistic about Yahoo's recent performance.
However, the 2010 fourth quarter results continue to highlight the transition of the search business (revenue decreased 6%), and the relevance of the portal site (fourth quarter, page views than to reduce the ring 1%) Long-term concerns.
fiscal year 2011 we forecast earnings per share down from $ 0.83 to $ 0.76, primarily reflecting increased expenses as the cost of removing the traffic after the interception of operating expenses is expected to remain at 3.8 billion chain U.S. dollars, higher than our previous forecast of 3.7 billion.
analyst meeting in earnings, said Yahoo chief executive Carol Bartz • Yahoo is exploring a way to lower taxes to free up the value of Yahoo Japan. We think this is the view of the change. Its Asian assets, the measures taken by the pursuit of profits may be positive factors.
Yahoo's current share price is a multiple of its enterprise value by 2011 (EV / EBITDA) was 4.3 times the expected. We maintain the stock (Chu Shen)
(This article Source: Netease technology report)
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