????雅虎（Yahoo）周二公布了2014年第一季度財報，結果略高于華爾街的預期。每股收益為38美分，營業收入10.87億美元，比去年同期有小幅增長。

????分析師預計雅虎的每股收益為37美分，營業收入為10.8億美元。雅虎股票在盤后交易中上漲了6%。

????雅虎第一季度的表現很大一部分要歸功于中國電子商務公司阿里巴巴（Alibaba）。雅虎持有阿里巴巴24%的股份。阿里巴巴第四財季營收達到了30.6億美元，同比增長了66%（凈收入增長了110%）。

????雅虎的表現一如既往：雖然有阿里巴巴的支撐，但它自身的財務數據乏善可陳。而阿里巴巴計劃在今年晚些時候上市。過去一年，雅虎在首席執行官梅麗莎?梅耶的帶領下一直在努力樹立傳媒公司的形象：它發行了兩本電子雜志（《雅虎美食》（Yahoo Food）、《雅虎科技》（Yahho Tech）），發布了手機和網頁應用的新版本，聘請了大牌媒體人才，包括技術專家戴維?伯格、新聞主播凱蒂?柯麗克和時尚達人戴維?齊。

????但前期的投資尚未帶來回報。雅虎展示廣告業務的收入為4.09億美元，同比增長2%，是這項業務自從2011年第一次實現增長。去年的展示廣告收入為4.02億美元。雅虎搜索廣告業務的收入為4.44億美元，比去年同期的4.09億美元增長了9%。

????在預期方面，這家公司預計營收在11.2億美元至11.6億美元之間。雅虎已經找到走出困境的方法了嗎？現在就下斷言還為時尚早，但至少，雅虎沒有選擇錯誤的方向。

????梅耶說：“我對于公司第一季度的表現非常滿意，不計流量獲取成本（TAC），雅虎創下了自2010年以來最佳的第一季度營收。第1季度是雅虎核心業務開始增長的重要早期跡象。”（財富中文網）

????譯者：劉進龍/汪皓

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????Yahoo (YHOO) slightly edged out Wall Street expectations on Tuesday after it posted 2014 first-quarter earnings of 38 cents per share on revenue of $1.087 billion, a tiny increase from the same period a year ago.

????Analysts were looking for earnings of 37 cents per share on revenue of $1.08 billion. Shares were up 6% in after-hours trading.

????A big part of that result came thanks to Alibaba, the Chinese e-commerce company in which Yahoo holds a 24% stake, which posted a 66% year-over-year increase in revenue to $3.06 billion (and a 110% increase in net income) for its fiscal fourth quarter.

????For Yahoo, the narrative remains the same: Lackluster financials bolstered by Alibaba, which is preparing for an initial public offering later this year. The company under chief executive Marissa Mayer has worked hard in the last year to distinguish itself as a media company: It has launched two digital magazines (Yahoo Food and Yahoo Tech), deployed new versions of its mobile and web applications, and hired high-profile media talent in technologist David Pogue, broadcaster Katie Couric, and fashion fixture David Zee.

????But the investment hasn't yet paid off. Revenue for Yahoo's display advertising business came in at $409 million for the quarter, a 2% increase compared to $402 million at the same time a year ago and the first such increase since 2011. Revenue for Yahoo's search advertising business was $444 million, a 9% increase from the year-ago quarter's $409 million.

????In terms of outlook, the company predicted revenue of between $1.12 billion and $1.16 billion. Is Yahoo finding its way out of the woods? It's still too early to tell, but at least the company isn't moving in the wrong direction.

????"I am really pleased by our first-quarter performance, marking our best Q1 revenue ex-TAC since 2010," said Mayer, using the acronym for traffic acquisition costs. "Q1 was an early and important sign of growth in our core business."?????????