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Yahoo Reports Fourth Quarter And Full Year 2014 Results

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Yahoo reported results for the quarter and full year ended December 31, 2014. In the fourth quarter, Yahoo saw $254 million in mobile revenue, up 23% quarter-over-quarter. Across all of 2014, the company saw gross mobile revenue of $1.26 billion and mobile revenue of $768 million. Yahoo’s investment businesses – mobile, video, native, and social – collectively delivered more than $1.1 billion in revenue, up 95% year-over-year.

Marissa Mayer (CEO, Yahoo): Our mobile strategy and focus has transformed Yahoo and yielded significant results.

Fourth Quarter and Full Year 2014 Financial Highlights

Transformative Investments:  Mobile, video, native and social generated more than $380 million and $1.1 billion of revenue for the fourth quarter and full year of 2014, respectively. Gross mobile revenue for the fourth quarter and full year of 2014 was approximately $413 million and $1,261 million, respectively. Mobile revenue for the fourth quarter and full year of 2014 was approximately $254 million and $768 million, respectively.

Reported Revenues

Search: Search revenue was $467 million for the fourth quarter, an increase of 1 percent compared to the fourth quarter of 2013. Search revenue was $1,793 million for the full year of 2014, a 3 percent increase compared to $1,742 million for the prior year.

Search revenue ex-TAC of $462 million for the fourth quarter of 2014 was flat compared to the fourth quarter of 2013. Search revenue ex-TAC was $1,784 million for the full year of 2014, a 5 percent increase compared to $1,699 million for the prior year.

Gross search revenue was $932 million for the fourth quarter of 2014, an increase of 14 percent compared to the fourth quarter of 2013. Gross search revenue was $3,382 million for the full year of 2014, an increase of 14 percent compared to the prior year. Gross search revenue was not previously reported. The number of paid clicks increased approximately 10 percent compared to the fourth quarter of 2013. Price-per-click increased approximately 7 percent compared to the fourth quarter of 2013.

Display: Display revenue was $532 million for the fourth quarter of 2014, a 4 percent decrease compared to $553 million for the fourth quarter of 2013. Display revenue was $1,868 million for the full year of 2014, a 4 percent decrease compared to $1,950 million for the prior year.

Display revenue ex-TAC was $464 million for the fourth quarter of 2014, a 5 percent decrease compared to $491 million for the fourth quarter of 2013. Display revenue ex-TAC was $1,663 million for the full year of 2014, a 4 percent decrease compared to $1,737 million for the prior year. The number of ads sold increased approximately 17 percent compared to the fourth quarter of 2013.
Price-per-Ad decreased approximately 20 percent compared to the fourth quarter of 2013.

Cash, cash equivalents, and marketable Securities: Cash, cash equivalents, and marketable securities were $10 billion as of December 31, 2014 compared to $5 billion as of December 31, 2013, an increase of $5 billion.

During the fourth quarter and year ended December 31, 2014, Yahoo repurchased approximately 22 million and approximately 62 million shares, respectively, for $980 million and $2.4 billion, respectively. During 2014, the company also entered into two accelerated share repurchase agreements that resulted in the repurchase of approximately 40 million shares for $1.7 billion.

[Image courtesy: Yahoo]

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