Yahoo CFO pleased with Q2 despite weak ad spending
SAN FRANCISCO (Reuters) - Yahoo Inc is reiterating its previous outlook for this year as the company is "pretty pleased" with its latest quarter's results in a tough economy, its chief financial officer said on Tuesday.
CFO Blake Jorgensen told Reuters in an interview immediately following the release of weaker-than-expected second-quarter results that Yahoo was proud of its performance despite many distractions.
"We are not going to change our business outlook that we provided at the start of the year and reiterated last quarter," Jorgensen said in a phone interview.
The executive said the economy is hitting Yahoo's display advertising business -- brand-building ads preferred by corporate marketers but that performance-based display and search-related advertising are holding up better.
Weakness is concentrated in consumer packaged goods and the auto sectors, as well as pockets of the financial services, especially those focused on the housing market. Offsetting these sectors are strong entertainment and technology sales.
"The branded display components are probably suffering the most," Jorgensen said. "Our balanced business model is helping us weather the storm."
(Reporting by Eric Auchard; Editing by Braden Reddall)
