Yahoo profit off 11 percent, misses estimates

Yahoo Inc.'s first-quarter profit fell 11 percent, disappointing investors who have been betting that the Internet icon had regained its stride after stumbling through much of last year.

The Sunnyvale-based company said Tuesday that it earned $142.4 million, or 10 cents per share, during the first three months of the year. That compared with net income of $159.9 million, or 11 cents per share, at the same last year.

The results were a penny below the average earnings estimate among analysts surveyed by Thomson Financial.

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Revenue for the period rose 7 percent to $1.67 billion.

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Yahoo's revenue totaled $1.18 billion after subtracting the commissions that the company paid to its advertising partners. That figure fell about $25 million shy of the average analyst projection, according to Thomson Financial.

After gaining 48 cents to close at $32.09 on the Nasdaq Stock Market, Yahoo shares plunged $2.03 , or 6.3 percent, in extended trading.