quotes a report from Fool: Yahoo! CEO Marissa Mayer tried to emphasize the progress that the company has made. "We continue to make solid progress against our 2016 plan," Mayer said, and "in addition to our efforts to improve the operating business, our board has made great progress on strategic alternatives." The CEO argued that the results met or exceeded the company's own guidance. Yahoo! was able to post a revenue increase by changing the ways that it presents revenue related to its search agreement with Microsoft, and without that change, adjusted revenue of $1.055 billion was down 15% from the year-ago quarter. That was even worse than the 13% drop investors were expecting, and adjusted EBITDA fell by more than a third. That resulted in adjusted net earnings of $0.09 per share, missing the consensus forecast by a penny but also glossing over a $440 million net loss on a GAAP basis. The company took a $395 million goodwill impairment charge and an $87 million intangibles impairment charge related to its Tumblr unit, determining that the fair value of the division is less than the amount indicated on Yahoo!'s balance sheet.
It was also revealed that Yahoo is writing down the value of its Tumblr acquisition by $482 million, citing lower projections for the social network's future performance, according to a report from CNNMoney
. Last quarter, the company took a $230 million write-down on its Tumblr acquisition. Since Yahoo acquired Tumblr for $1.1 billion in 2013, Yahoo has written down more than half of its value.