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***mandy*** · 04-18-2007, 10:06 AM,

Quote:Yahoo saw a drop in net profit for the first quarter from a year ago, but met its revenue guidance as its new online advertising system started to gain steam.

The Internet search and media company reported that its first-quarter net income dropped 11 percent to $142 million, or 10 cents a share, from $160 million, or 11 cents a share, a year earlier.

The figure fell short of Wall Street expectations of 11 cents a share, prompting the share price to drop more than 8 percent in after-hours trading.

Revenue rose 9 percent to $1.18 billion from $1.09 billion a year ago, excluding traffic acquisition costs, which are fees paid to content partners. Analysts polled by Thomson Financial were expecting revenue of $1.21 billion. Yahoo's own forecast was for revenue to be between $1.12 billion and $1.23 billion, excluding fees shared with partners...

full article: http://news.com.com/Yahoo+profit+down+fr...=nefd.lede

full earnings release: http://yhoo.client.shareholder.com/NEWS/Q107/238370.pdf