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Yahoo Microsoft Search Deal Fails to Deliver

For the quarter, Yahoo reported revenue of $1.2 billion, for a 1 percent year over year decline. Income from operations was reported at $55 million, a 71 percent decline from the $191 million reported for the second quarter of 2012. Earnings per Share remained unchanged, however, at $0.18.

"Typically, we'd also provide guidance for the upcoming quarter," Tim Morse, chief financial officer, said during the company's earnings call. "In light of the announcement we made yesterday, however, we believe it's best to give our new CEO time to get acclimated to Yahoo before providing any future guidance."

Mayer officially joined Yahoo on Tuesday after announcing on Monday that she was leaving Google. Mayer was employee number 20 at Google and helped to lead numerous product initiatives including search, Gmail and Google News.

Mayer will certainly have her work cut out for her as she tries to return Yahoo to its former glory. One of the items that Yahoo continues to struggle with is revenue from its Microsoft search partnership.

"Unfortunately, similar to last quarter, we're unable to report progress by Microsoft on closing the gap in marketplace RPS (Revenue Per Search)," Morse said.

Read the full story at Datamation:
Yahoo Sees a Brighter Future with Mayer as CEO

Sean Michael Kerner is a senior editor at InternetNews.com, the news service of the IT Business Edge Network, the network for technology professionals Follow him on Twitter @TechJournalist.