Yahoo Beats on First-Quarter Earnings and General Motors Creates Global Product Integrity Group
Yahoo! Inc. (NASDAQ: YHOO) reported first-quarter earnings that surpassed Wall Street estimates. The company earned 38 cents a share on $1.087 billion in revenue, which excluded traffic acquisition costs (TAC) for the first quarter. Analysts surveyed by Thomson Reuters were looking for Yahoo! to earn 37 cents a share on $1.08 billion in revenue for the first quarter. Chinese internet company Alibaba Group Holding Ltd, in which it holds a 24 percent stake, also reported a surge in quarterly revenue. "We continue to recommend aggressive purchase of (Yahoo's) shares ahead of the Alibaba IPO,"