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Tech Check
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CNBC.com Yahoo CEO, Carol Bartz |
] news was going to be dismal, but it's unlikely that anyone anticipated such a flood of red ink. The company reported a net loss of $303 million, or 22 cents a share thanks to a slew of one-time charges. Wall Street analysts were anticipating a 13 cent gain. That news came on $1.37 billion in revenue, which also came up short against analyst expectations of $1.38 billion.
If there was a bright spot for Yahoo, it came in the form of earnings before interest, taxes, depreciation and amortization, or EBITDA. The company reported $544 million when many on the Street were looking for something closer to $520 million instead.
Yahoo's first quarter guidance will also be viewed negatively, with the company offering a revenue range of $1.525 billion to $1.725 billion versus the $1.78 billion to $1.8 billion anticipated. The company's first quarter EBITDA range is $365 million to $415 million, well below the Street expectation of $470 million to $480 million. Yahoo did not offer any guidance for full year 2009.
Still, when you back out the various one-time charges the company reported, and they exceeded $500 million, Yahoo would have earned 17 cents a share this time, well ahead of the 13 cents Wall Street was looking for, and that likely accounted for the after market, 5 percent spike in Yahoo shares. the company blamed those one-time charges on severance and investments that took a nosedive during the quarter along with the rest of Wall Street.
New CEO Carol Bartz is expected to address Wall Street analysts on the company's conference call due to begin shortly.
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