UPDATE 1-Yahoo Q2 net revenue dips, profit beats Street
SAN FRANCISCO, July 16 (Reuters) - Yahoo Inc's second-quarter net revenue was down slightly at $1.071 billion, as the Internet company posted adjusted profit that was ahead of Wall Street targets.
Shares of Yahoo, which have gained about 70 percent since Chief Executive Marissa Mayer took the helm a year ago, were down 2 percent at $26.30 in after-hours trading on Tuesday.
Yahoo's net revenue, which excludes fees paid to partner websites, was $1.071 billion in the second quarter, within its forecast of $1.06 billion to $1.09 billion, but below the $1.081 billion it posted in the second quarter of 2012.
Yahoo said it earned 35 cents per share, excluding certain items in the second quarter, compared with 30 cents in the year-ago period. Analysts polled by Thomson Financial I/B/E/S were looking for 35 cents in adjusted EPS.
Revenue from Yahoo's display advertising business in the second quarter fell 11 percent from the year before on an adjusted basis, while search advertising revenue was up 5 percent on an adjusted basis.