Several companies reported before the market opening today and results showed a mixed picture. Click the image to make it bigger.
Some notes from Yahoo! conference call (FastMoney tweets by Jim Goldman):
- Reducing worldwide headcount by 5 percent. Not an across the board cut, but targeted cuts to streamline operations.
- Combining product and engineering team into a single global organization. Allocating resources differently too.
- Still searching for a new CFO at Yahoo. The changes represent a major shift in the company’s structure.
- Blake: The economy affected our revenue in Q1, but users were still strong.
- Blake says advertiser interest remains high. Consumer products, tech, entertainment, and auto sector show strong growth.
- Display revenue declined 13 percent globally. But international-only grew 6 percent on constant currency basis.
- US GAAP revenue decreased 9 percent. International GAAP revenue decreased 23 percent.
- Ended the quarter with $3.7 billion with cash on the balance sheet.
New York Times, Northern Trust and Merck all failed to meet expectations.
Not on the table are Bank of New York Mellon (BK) and Keycorp (KEY) that both failed to meet expectations. KEY posted a wider loss than estimated and attributed the result to weakness in credit card trends. BK lowered its dividend by 63%
Blackrock profits fell 65% but results are in line with expectations. Two that did better are State Street (STT) and US Bankcorp (USB). Profit for common shareholders fell to $419 million, or 24 cents per share vs. analysts’ 20 cents.
Top defense contractor Lockheed Martin also reported lower numbers, although still beating expectations, as pension costs increase but the company still raised its full-year earnings forecast for the year.