Yahoo 2008 Annual Report Download - page 62
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Yahoo! Inc.
Consolidated Statements of Income
Years Ended December 31,
2006 2007 2008
(In thousands, except per share amounts)
Revenues .................................................. $6,425,679 $6,969,274 $7,208,502
Cost of revenues ............................................ 2,675,723 2,838,758 3,023,362
Gross profit ................................................ 3,749,956 4,130,516 4,185,140
Operating expenses:
Sales and marketing ..................................... 1,322,259 1,610,357 1,563,313
Product development ..................................... 833,147 1,084,238 1,221,787
General and administrative ................................ 528,798 633,431 705,136
Amortization of intangibles ................................ 124,786 107,077 87,550
Restructuring charges, net ................................. — — 106,854
Goodwill impairment charge ............................... — — 487,537
Total operating expenses .............................. 2,808,990 3,435,103 4,172,177
Income from operations ...................................... 940,966 695,413 12,963
Other income, net ........................................... 157,034 154,011 82,838
Income before provision for income taxes, earnings in equity interests,
and minority interests ...................................... 1,098,000 849,424 95,801
Provision for income taxes .................................... (458,011) (337,263) (262,717)
Earnings in equity interests .................................... 112,114 150,689 596,979
Minority interests in operations of consolidated subsidiaries .......... (712) (2,850) (5,765)
Net income ................................................ $ 751,391 $ 660,000 $ 424,298
Net income per share—basic ................................... $ 0.54 $ 0.49 $ 0.31
Net income per share—diluted ................................. $ 0.52 $ 0.47 $ 0.29
Shares used in per share calculation—basic ....................... 1,388,741 1,338,987 1,369,476
Shares used in per share calculation—diluted ..................... 1,457,686 1,405,486 1,400,101
Stock-based compensation expense by function:
Cost of revenues ........................................ $ 6,621 $ 10,628 $ 13,813
Sales and marketing ..................................... 155,084 246,472 182,826
Product development ..................................... 144,807 218,207 178,091
General and administrative ................................ 118,418 97,120 63,113
Restructuring expense reversals ............................ — — (30,236)
Total stock-based compensation expense ................. $ 424,930 $ 572,427 $ 407,607
The accompanying notes are an integral part of these consolidated financial statements.
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