Yahoo has reported upbeat quarterly revenues, stemming a run of three consecutive years of declining revenues.
Yahoo reported that profits for its first quarter were up 28 per cent from a year ago to $286 million, although revenues inched up just a one percent year-over-year.
"It's a long way from the growth we aspire to but a key milestone nonetheless," chief financial officer Tim Morse said during a conference call with investors.
Yahoo hopes the increased performance is just the start for new chief executive Scott Thompson who was able to mark his first full quarter in charge with some good news.
"Our model assumes this business can and will grow," Thompson said. "The foundation we have today is still extremely valuable."
Thompson said the Yahoo's future depends on a commitment its core businesses and a more streamlined business model. Such a successful remodel had eluded Thompson's predecessors Carol Bartz and Jerry Yang.
"Yahoo has been doing way too much for way too long," Thompson said. "I'm certain we need to be clearer about what we won't do going forward, what we will do is get clear about our businesses."
Having cut 2,000 jobs earlier this month Yahoo's future has looked bleak. Yet, Thompson insists the shutting down properties will improve the company's margins in the long run.
His plan going forward will be to perfect the things he believes his company does well.
"I am convinced we don’t need to reinvent the wheel," said Thompson.
According to reports, Thompson said on an earnings conference call that as many as 50 of its properties will be shut down, in order that it can focus on core products like Mail, Finance and Sports. Thomson did not say which properties would be cut.
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