Yahoo reports Q2 results

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Yahoo reported almost $1.8 billion in revenues — a 6% year-over-year increase — for its second quarter ending on June 30.

Yahoo also reported $131 million in net income, or 9 cents per diluted share, for its second quarter in 2008, a decrease compared to $161 million, or 11 cents per diluted share, in second quarter of 2007.

“Like many companies in our industry, we were affected by the weakness in the overall economy,” said Yahoo CEO Jerry Yang during a conference call on July 22. He added that the company had accomplished a great deal in light of the “extraordinary events” of this year, referring to Microsoft's offers to buy all or part of Yahoo.

Yang went on to say that he was pleased with the recent settlement agreement with Carl Icahn, effectively ending the activist investor's proxy fight with Yahoo. He also highlighted the importance of Yahoo's nonexclusive search marketing agreement with Google.

Marketing services revenues from Yahoo owned and operated online properties and services were $1.016 billion for Q2, an increase of 14% compared to Q2 of 2007. And marketing services revenues from affiliate sites were $571 million for Q2, a 4% decrease compared to the same period last year.

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