Yahoo has reported a net profit of $141 million, up from $118.7 million from last quarter, as well as $131.22 million reported for Q2 last year. However, gross revenes were down sequentially at $1,573 million, and down 13 percent from $1798.09 million for Q2 2008. CEO Carol Bartz said in a statement that the companys “new homepage is a perfect example of our efforts to create innovative products aimed at increasing user engagement while offering the most compelling advertising proposition in the industry.”

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Details: Financials and Release | Presentation | Webcast |

Revenues

Yahoo’s Marketing services revenues declined 13 percent year on year and 0.39 percent sequentially to $1377.85 million. Fees revenues declined 7.56% percent year on year, and 0.93 percent quarter on quarter.

Yahoo’s marketing revenues from Owned and Operated sites were at $858.16 million, down from $872 million last quarter, and down 15.54 percent decrease year on year.The decrease was driven by a 15 percent decline in search advertising revenue and a 14 percent decline in display advertising revenue.

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The Affiliate segment contributed to 37.72 percent of revenues. Affiliate revenues declined 8.99 year on year to $519.69 million, from $571 million for the same period of 2008. The decrease was driven primarily by a shift to lower yielding inventory.

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Segmentwise, international revenue grew 7.2 percent to 420.5 million, from $392 million last quarter and $534 million for the same quarter last year. US revenues were weak, and declined 8.9 percent year on year to $1152.39 million. International revenues account for 26 percent of total revenues, up from 24.8 percent last quarter.

Last Quarter

During the Q1 conference call, Yahoo CEO Carol Bartz had identified three goals for the company:

1. Globalizing the platform
2. Building “Wow” products, and
3. Create Industry-leading ad platforms

Revenues from the search market – consumer products, tech, entertainment had been strong, though travel, retail, credit card and financial sectors were down. Display revenue from the  automobile sector was down, but advertising from telecom players had helped. We’ll have more from the Yahoo earnings conference call.

(Update: corrected statement that net profit was down year on  year. Thanks Mohak)

Related:

Q1-09: Yahoo Net Profit Down 78% At $118.7 Million; Firing 5% Employees Worldwide
Q109 Call: Globalizing Yahoo; Product People On The Block; Clickthroughs, Pageviews Down