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Yahoo's 1Q Earnings Rise 28 Percent To Top Estimates

SUNNYVALE (CBS/AP) - Yahoo's 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.

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.

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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