Yahoo has a good Q2, sees revenues of $1.22 billion

Yahoo announced their second quarter financial performance yesterday, with the search giant enjoying revenues of $1.22 billion in the quarter, with diluted earnings of $0.27 per share. After all factors considered, revenue sat at $1.1 billion.

GAAP diluted earnings per share were $0.18 for the quarter, not moving from the previous year. Yahoo saw revenues of $461 million from search, with this number being 1-percent down year-over-year. GAAP display ad revenue was up 2-percent year-over-year. Yahoo made a splash across headlines earlier this week, announcing Google exec Marissa Mayer would be taking over as CEO. Yahoo listed Mayers move as its first 'business highlight'.

Even though the news of Mayer joining the company, it had little effect on Yahoo stock, which rose around 2-percent in after hours trading following the announcement. The following is Yahoo's overview of their quarter:

Yahoo! Inc. (NASDAQ:YHOO) today reported results for the quarter ended June 30, 2012.

Revenue excluding traffic acquisition costs ("Revenue ex-TAC") was $1,081 million for the second quarter of 2012, flat compared to the second quarter of 2011. GAAP revenue was $1,218 million for the second quarter of 2012, a 1 percent decrease from the second quarter of 2011.

Non-GAAP income from operations of $190 million in the second quarter of 2012 was flat compared to $191 million in the second quarter of 2011. Non-GAAP income from operations excludes restructuring charges and deal-related expenses of less than $1 million in the second quarter of 2011 and $136 million in the second quarter of 2012. On a GAAP basis, income from operations decreased 71 percent to $55 million in the second quarter of 2012, compared to $191 million in the second quarter of 2011.

In the second quarter of 2012, non-GAAP net earnings per diluted share increased 47 percent year over year to $0.27. Non-GAAP net earnings per diluted share excludes restructuring charges and deal-related expenses of less than $1 million in the second quarter of 2011 and$136 million, as well as the related tax impact of $36 million, in the second quarter of 2012. On a GAAP basis, net earnings per diluted share was $0.18 in the second quarter of 2012.