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Yahoo APAC revenues down 8.3% YoY to $177.5M for Q2 2014

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Yahoo has reported Asia Pacific revenues (excluding traffic acquisition costs) of $177.5 million for the quarter ended June 30, 2014, registering a 8.3% decline from $193.5 million in the same quarter last year.

Including the traffic acquisition costs, the total revenue for the region was at $180.8 million for the quarter, down 13.6% from $209.3 million in the same quarter last year.

The region accounted for 17.1% of Yahoo’s total revenues (ex-TAC) for the quarter which was at $1.04 billion. In comparison, APAC region had contributed for 18.1% of Yahoo’s revenues in the same quarter last year and 15.8% of revenues in the previous quarter.

Yahoo Q2 2014 Geography

Profit declinesYahoo reported a overall profit of $270 million for the quarter, registering a 19% decline from $331 million in the same quarter last year. However, note that this quarter profit includes restructuring charges of $33 million and gains from patent sales of $43 million while Q2 2013 profit includes a restructuring charges of $2 million.

The revenue ex-TAC marginally declined by 3% to $1.04 billion from $1.07 billion in the same quarter last year while the total revenue declined by 4% to $1.08 billion for the quarter from $1.14 billion in Q2 2013.

Operational Highlights

– Yahoo launched Yahoo Aviate homescreen after acquiring contextual Android home screen launcher Aviate in January this year.

– It introduced international & Canadian editions for Yahoo News Digest and launched Yahoo News Digest for Android. It also introduced Yahoo Screen for Android.

– It introduced a new version of Yahoo Mail for iPhone & Android, Flickr for iPhone, iPod Touch, and Android and debuted a new Flickr experience on Apple TV.

– It launched three new Tumblr-based digital magazines: Yahoo Travel, Yahoo Movies, and Yahoo Beauty

– Yahoo introduced image-rich native ads which are apparently designed to be mobile-first through Yahoo Gemini. It also extended stream ads globally and announced that Tumblr sponsored posts are now promoted across the Yahoo network.

New Shows On Yahoo Screen: Yahoo announced two original comedy TV series – Other Space and Sin City Saints. These half-hour comedy shows will debut on Yahoo Screen in 2015. It also tied-up with Sony Pictures Television to offer the sixth season of Community exclusively on Yahoo Screen and partnered Live Nation Entertainment to launch a new Live Nation Channel which will offer daily concert live streams from the United States.

– Yahoo Sports launched Fantasy Football for iOS & Android which provides original content from both Yahoo Sports Fantasy experts and NFL writers. It also launched Yahoo Sports World Football Pick‘em game at the launch of the football world cup.

– Alibaba Group agreed to Yahoo’s request for an amendment to its share repurchase agreement as per which Yahoo is now required to sell only 140 million shares during the Alibaba IPO, down from 208 million shares earlier.

Display revenues dips again

Display revenue ex-TAC has declined again to $394 million for the quarter, down 7% from $423 million in the same quarter last year. The total display revenue also saw a 8% decline year-on-year (YoY) to $436 million for the quarter, from $472 million in the same quarter last year.

Number of ads sold (excluding Korea) increased by 24% approximately YoY while the price-per-ad (excluding Korea) declined by 24% YoY.

Yahoo Q2 2014 Display

Note that Yahoo had reported an increase in display revenues in the previous quarter, after 7 consecutive quarters of decline. Yahoo CEO Marissa Mayer had also mentioned that it was Yahoo’s first Q1 quarter since 2011 where it has seen a year-on-year growth in display revenues ex-TAC.

Search revenues continues to increase

Search revenues however continues to increase for Yahoo. Search revenue ex-TAC increased by 6% YoY to $428 million for the quarter, from $403 million in Q2 2013. This is Yahoo’s 10th consecutive quarter of YoY growth in Search revenue ex-TAC. The total search revenues also increased by 2% YoY to $428 million for the quarter, from $418 million in Q2 2013. 

Yahoo Q2 2014 Search

Paid clicks (excluding Korea) increased 3% approximately YoY while the price-per-click (excluding Korea) increased by 15% approximately YoY

Other Highlights

– Cashflow: As of June 30, 2014, Yahoo has $4.3 billion money in terms of cash, cash equivalents, and investments in marketable securities, as compared to $4.6 billion in the previous quarter.

– Share repurchase: During Q2 2014, Yahoo repurchased around 21 million shares for $719 million at an average price of $34.94.

Download: Press Release | FinancialsSlides

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