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Yahoo profits slump for 13th quarter in a row

Yahoo profits slump for 13th quarter in a row
Yahoo serious

Yahoo has announced that it has suffered its 13th consecutive slump in quarterly profits, with news that its profit is down a further 5 per cent.

This takes the internet giant's profits to $296m (£189m) – a figure that doesn't impress Yahoo's new CEO Scot Thompson.

Thompson, who is the former president of PayPal, said of the quarterly figures: "There is no question we need to do better and we will."

On the offensive

While the slump doesn't put Yahoo's financials in the best light analysts aren't too worried about the company. This is because it managed to meet expectations for its earnings, although it missed its revenue predictions.

When it comes to revenue, it fell by 13 per cent to $1.17 billion (£750 million).

Shares in Yahoo dipped by 9 per cent but Thompson seems to be quick to steady the ship, explaining in Yahoo's earnings call: "When it comes to making decisions, I make them quickly and then push to move fast, fast, fast.

"We will get speed back into the equation and move aggressively. To me that's how we get to playing offense rather than defense."

It's not known if Thompson was wearing American football attire while giving this rousing speech, but we like to think so.

Via Reuters