(MoneyWatch) Yahoo (YHOO) announced second quarter earnings revenue of $1.2 billion that was down by 1 percent, year over year. However, the number still beat the average analyst estimate by 9 percent. Non-GAAP earnings per share of $0.27 also beat analyst expectations.
But the good news doesn't last long. Revenue after traffic acquisition costs was flat, year over year, and income from operations was down by 71 percent for the same period. Much of that was due to restructuring costs of $129.1 million for the quarter. Even factoring that expense out, income from operations would still have been down by 3.7 percent year over year.
To succeed in her post, new CEO Marissa Mayer will need to move beyond her previous experience at Google of making products more pleasing to consumers and into the area of navigating Yahoo into greater revenue and profitability.