Yahoo Shares Fall 1.3% After Earnings Miss

Shares of Yahoo Inc. fell 1.3% after hours Tuesday, after the company missed first-quarter earnings expectations. Yahoo reported net income of $21.2 million, or 2 cents a share, down from net income of $311.6 million, or 29 cents per share, in the year-earlier period. Yahoo reported adjusted earnings per share of 15 cents, below the FactSet consensus of 18 cents. Yahoo reported sales of $1.23 billion, above the FactSet consensus of $1.06 billion. In terms of its Microsoft search partnership, the company said it would be able to enhance its search on any platform and will keep serving Bing ads and search results for 51% of Bing's desktop search traffic.