Yahoo! Inc. has reported a loss for the sixth quarter in a row, but says it is on track to achieve its fiscal 2002 financial targets. For the quarter ended March 31, 2002 Yahoo! lost $53.6 million on revenues of $192.7 million. Yahoo!’s global audience grew to 237 million unique users, compared to 192 million in the first quarter of 2001.
The quarterly loss of $11.5 million was up from that of $11.5 million on revenues of $180.2 million for the same period the previous year. The company put this down to a one-time change in accounting methods and said it would otherwise have reported a net profit of $10.5 million.
But the Internet portal says the figures are distorted by a one-time change in accounting methods and would otherwise have shown a net profit of $10.5 million. In recent months, the company has made dozens of refinements to its site to attract new users and new sources of income. Those range from small steps, such as charging people for automatic forwarding of Yahoo e-mails, to bigger moves such as the acquisition of HotJobs.com, a career-placement site.
In part because of an expected boost from HotJobs, Yahoo said it expects revenue in the current quarter to be between $205 million and $225 million, and revenues for the full year of $870 million and $910 million.
Our first quarter results show momentum and progress toward our goal to maximize long-term free cash flow. This quarter also demonstrated the growing success of our monetization strategy, to draw increased value from our enormous consumer base and find new ways to drive financial value, said Susan Decker, chief financial officer, Yahoo!
We have upwardly revised our full year outlook for revenue and EBITDA to reflect our performance in the quarter, the acquisition of HotJobs and several other factors. While we are basing our outlook on a continuation of current economic conditions, we nevertheless anticipate strong, profitable growth in 2002, considering the progress we have demonstrated against the execution of our business plan, continued Decker.
The company expects revenues for the second quarter 2002 to be between $205 and $225 million, and between $870 and $910 million for the full year 2002. EBITDA (earnings before interest, taxes, depreciation, amortization and stock compensation expense) is expected to be between $23 and $33 million for the second quarter 2002 and between $105 and $130 million for the full year 2002.