- - Tuesday, April 17, 2012

SAN FRANCISCO — Yahoo’s first-quarter results showed signs of modest progress under recently hired CEO Scott Thompson.

The long-struggling Internet company said Tuesday that it earned $286 million, or 23 cents per share, during the first three months of the year. That represented a 28 percent increase from net income of $223 million, or 17 cents per share, at the same time last year.

The earnings for this year’s first quarter exceeded the average estimate of 17 cents per share among analysts surveyed by FactSet.

Revenue totaled $1.22 billion, an increase of less than 1 percent from the same time last year. Still, that slight uptick represented a breakthrough for Yahoo because the company’s revenue has been steadily falling for years.

“We still have a lot of work to do, but it’s an important milestone for us,” said Tim Morse, Yahoo’s chief financial officer.

Mr. Thompson, Yahoo’s CEO since January, is trying to boost earnings by shedding $375 million in expenses. The cost-cutting move includes 2,000 layoffs, reducing Yahoo’s work force by 14 percent.


Buffett tells shareholders he has prostate cancer

OMAHA — Warren Buffett told his company’s shareholders in an open letter Tuesday that he has been diagnosed with early-stage prostate cancer.

The 81-year-old billionaire investor and CEO of Berkshire Hathaway Inc. said his condition is “not remotely life-threatening” or debilitating. He said he and his doctors have decided on a two-month treatment plan that is to begin in mid-July.

“I feel great as if I were in my normal excellent health,” Mr. Buffett said in the letter. “And my energy level is 100 percent. I discovered the cancer because my PSA level [an indicator my doctors had regularly checked for many years] recently jumped beyond its normal elevation and a biopsy seemed warranted.”

Mr. Buffett said he was diagnosed April 11 and has received tests including a CT scan, a bone scan and an MRI.

Mr. Buffett is known for a no-nonsense approach to investing. He is one of the world’s richest men and, in recent years, has become one of its most generous philanthropists.

Mr. Buffett’s stake in Berkshire Hathaway was worth more than $43 billion as of December.


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