Yahoo earnings up 28 percent

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(CBS/AP) SAN FRANCISCO — Yahoo's (YHOO) first-quarter results showed signs of modest progress under recently hired CEO Scott Thompson.

The long-struggling Internet company earned $286 million, or 23 cents per share, during the first three months of the year. That represented a 28 percent increase from net income of $223 million, or 17 cents per share, at the same time last year.

The earnings exceeded the average estimate of 17 cents per share among analysts surveyed by FactSet.

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Revenue totaled $1.22 billion, an increase of less than 1 percent from the same time last year. Still, that slight uptick represented a breakthrough for Yahoo because the company's revenue has been steadily falling since 2008.

Thompson, Yahoo's CEO since January, is trying to boost earnings even higher by laying off 2,000 employees.

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