雅虎營收負增長 股價全靠阿里撐

Nearly two years to the day that Marissa Mayer took the helm at Yahoo, the company’s turnaround is still a work in progress. And its fortunes are still very much tied to its stake in Alibaba, the private Chinese Internet company expected to go public next month.

瑪麗莎·梅耶爾(Marissa Mayer)掌舵雅虎兩週年將至，公司局面仍未徹底扭轉。雅虎的命運還與它在中國互聯網私營企業阿里巴巴所持有的股份密切相關。後者預計將於下月上市。

It’s easy for Wall Street to overlook Yahoo’s lackluster performance, when it is so busy salivating over the company’s holdings in Alibaba. On Tuesday, when Yahoo announced its second-quarter earnings, it said it had reached an agreement with Alibaba to reduce the number of shares it is required to sell in the initial public offering, to 140 million shares from 208 million shares. Conservative estimates predict Alibaba will be valued at $150 billion when it goes public, more than five times Yahoo’s current $35 billion Market valuation.

華爾街很容易忽略雅虎黯淡無光的業績，因爲他們此時正垂涎於雅虎持有的阿里巴巴股份。週二，雅虎在宣佈第二季度收益時表示，已與阿里巴巴達成協議，在阿里巴巴上市時，它必須出售的阿里巴巴股份將從2.08億股減少到1.4億股。據保守估計，阿里巴巴上市時的估值將達到1500億美元，這是雅虎目前市值350億美元的四倍還多。

More good news for shareholders came from the earnings report: Kenneth A. Goldman, Yahoo’s chief financial officer, told investors that Yahoo planned to return at least half of its after-tax profits from the Alibaba offering to shareholders. If Yahoo can find a tax-efficient way to distribute those fortunes, Wall Street has reason for optimism.

收益報告還給股東們帶來了更多好消息：雅虎的首席財務官肯尼斯·A·古德曼(Kenneth A. Goldman)告訴投資者，雅虎計劃把從阿里巴巴上市中獲得的稅後收益的至少一半返還給股東。如果雅虎能找到一種合理避稅的方法來分配這些財富，華爾街有理由感到樂觀。

Still, even the hoopla over the Alibaba news was not enough to distract from the other problems at Yahoo, where Ms. Mayer’s best efforts to drive more content and acquire fresh talent and innovative products through acquisitions have done little to bolster the company’s financial performance.

不過，即使是與阿里巴巴有關的消息所引起的興奮，也不足以讓人們忽視雅虎的其他問題。梅耶爾通過多筆收購來增加內容、獲得新鮮人才和創新產品的重磅行動，基本上未能提振公司的財務業績。

“Things aren’t getting better,” Colin Gillis, an analyst at BGC Partners, put it bluntly. “The core business is still dismal.”

“情況沒有在改善，”BGC Partners的分析師科林·吉利斯(Colin Gillis)直言不諱地說，“核心業務仍然令人沮喪。”

On Tuesday, Ms. Mayer announced the worst revenue number since she took over. Yahoo’s revenue fell 4 percent last quarter, to $1.08 billion from the year-ago quarter.

週二，梅耶爾宣佈了她執掌雅虎以來最糟糕的營收數據。雅虎的上季度營收同比下降了4%，爲10.8億美元。

Ms. Mayer was the first to admit disappointment. “Our top priority is revenue growth, and by that measure, we are not satisfied with our Q2 results,” she said. “While several areas showed strength, their growth was offset by declines.”

梅耶爾率先承認這些數據令人失望。“營收增長是我們的最首要任務，但以這個標準來看，二季度的業績無法令人滿意，”她說，“儘管有幾個領域顯示出了優勢，但它們的增長被一些下滑所抵消。”

Yahoo’s revenue from its display advertising business fell 8 percent last quarter, to $436 million, compared with the same quarter a year ago, in large part because Google and Facebook continue to capture ever larger shares of the United States display ad market.

雅虎的展示廣告業務的營收上季度同比下降了8%，爲4.36億美元，這很大程度是因爲谷歌和Facebook在美國展示廣告市場的份額仍在不斷擴大。

Yahoo, once the top seller of display ads in the United States, is projected to drop to 6 percent market share, from 7.1 percent market share last year, even though the overall display ad market is expected to grow by 23.8 percent this year, according to eMarketer.

雅虎曾是美國最大的展示廣告銷售商。根據eMarketer的數據，儘管整個展示廣告市場預計今年將增長23.8%，預計雅虎的市場份額將從去年的7.1%降至6%。

On Tuesday, Yahoo said its income from operations slid 72 percent, to $38 million, from the year-ago quarter, much of that because of a restructuring charge. Net earnings for the second quarter were down 19 percent, to $270 million, or 26 cents a share, from $331 million or 30 cents a share.

雅虎週二表示，二季度的運營收入同比下滑了72%，爲3800萬美元，這主要是因爲重組的費用。二季度的淨利潤同比下降了19%，爲2.7億美元，即每股26美分，去年同期分別爲3.31億美元和每股30美分。

That net income was below the expectations of Wall Street analysts, who forecast an average of 33 cents a share. But the biggest black hole continues to be Yahoo’s revenue from mobile advertising, considered the hottest growth area for Internet companies. Yahoo did not report its mobile ad revenue on Tuesday, even though the market for mobile advertising is expected to reach $17.73 billion this year, an 83 percent jump from last year, according to eMarketer.

這個淨收入低於華爾街分析師的預期，後者預測的平均值爲每股33美分。但最大的黑洞仍然是雅虎移動廣告的營收，它被認爲是互聯網公司最炙手可熱的增長領域。雅虎週二沒有披露其移動廣告收入，根據eMarketer，預計今年移動廣告市場規模將達到177.3億美元，較去年飆升83%。

Even with the fortunes from Alibaba’s looming I.P.O., shares of Yahoo fell 2 percent in after-hours trading, after ending regular trading down 9 cents, or 0.25 percent, to $35.61.

即使擁有阿里巴巴的上市即將帶來的財富，雅虎股票盤後交易時段仍然下跌了2%，此前，它在常規交易時段收盤時下跌9美分，即0.25%，至35.61美元。