Yahoo CEO Jerry Yang says first-quarter results support the company's view that Microsoft's $31-a-share takeover offer is too low. First-quarter profit was fueled largely by proceeds from the initial public offering of Alibaba.com, the Chinese e-commerce site majority-owned by Yahoo. Excluding the $401 million noncash gain from the IPO, profit was 11 cents a share, better than the 9 cents Wall Street was expecting. Microsoft CEO Steven Ballmer suggested before Yahoo's earnings were released that the results may not lead Microsoft to increase its offer.

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