Update: Yahoo Q1 revenue flat, profit rises

From InfoWorld: Yahoo's revenue grew slightly in the first quarter of 2010 but profits rose more strongly, as the company's display advertising business performed to management's satisfaction.

Yahoo had revenue of $1.59 billion in the first quarter of 2010, ended March 31, up 1 percent compared with the first quarter of 2009, the company said Tuesday. Subtracting commissions and other fees paid to partners, revenue was $1.13 billion, below the $1.17 billion consensus expectation from analysts polled by Thomson Financial.

Net income came in at $310 million, or $0.22 per share, up from $118 million, or $0.08 per share. In the first quarter of 2010, Yahoo got a $0.05-per-share benefit from the sale of Zimbra and a $0.02-per-share benefit from reimbursements made by Microsoft related to the companies' search deal.

On a pro forma basis, which excludes certain items, net income was $218.84 million, or $0.15 per share, six cents more than analysts expected and up from $123.11 million, or $0.09 per share, one year ago.

"We delivered what I call a solid quarter. Revenue stabilized and profits were up," said CEO Carol Bartz in a conference call to discuss the financial results

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