Earnings Bonanza: Tech Weekly Recap
NEW YORK (TheStreet) -- I wish Michael Landon were still alive because there's only one way to describe this week in tech; bonanza, as in earnings bonanza.
Reports from tech heavyweights such as Yahoo!(YHOO) , IBM(IBM) , Google(GOOG) , Microsoft(MSFT) and a host of others, as well a few high-profile IPOs were the talk of tech this week, along with a new CEO in Silicon Valley.
The show started off on Monday, when Yahoo! appointed Google's Marissa Mayer as its new CEO, shocking everyone. Mayer, who was employee no. 20 at the search giant, was in charge of Google's Local efforts, including Location, Maps and Local services.
There was plenty of skepticism surrounding the appointment, as Mayer has never run a public company, much less dealt with the laundry list of issues facing Yahoo!, as it tries to keep itself relevant in a constantly changing tech environment.
Yahoo! released second-quarter earnings a day later, beating Wall Street estimates, as display revenue and search revenue showed modest gains year over year.
The Sunnyvale, Calif.-based Internet giant reported a non-GAAP profit of $190 million, or 27 cents a share, on revenue of $1.081 billion, aided by a 1% rise in display revenue and a 4% rise in search revenue. Analysts polled by Thomson Reuters expected Yahoo! to report earnings of 23 cents a share on $1.095 billion in revenue
Shares of Yahoo! ended the week higher, up 1.11% to close at $15.91.