Yahoo! Inc & Huntington Bancshares Rise After Earnings (NASDAQ:YHOO, HBAN)

Yahoo! Inc & Huntington Bancshares Rise After Earnings (NASDAQ:YHOO, HBAN)

Yahoo! Inc. (NASDAQ:YHOO) shares moved up in the pre-market session as the company reported better than estimated first-quarter results on increased revenue after struggling to show revenue growth over the past few years.

The company reported a profit of $286 million, or 23 cents a share, up 28% from a year ago profit of $223 million, or 17 cents a share, ahead of analysts’ estimates by 6 cents.

Revenue during the quarter grew just below 1% to $1.22 billion.

The company’s recent success may be attributed to the newly hired CEO Scott Thompson, who has been trying to save the company’s day to day expenses by shedding $375 million in expenses. The cost-cutting move includes 2,000 layoffs, reducing Yahoo’s work force by 14%.

Thompson remarked analysts in a Tuesday conference call that he won’t be satisfied until Yahoo’s revenue is growing as quickly as the overall online advertising market. Yahoo remains a long way from achieving that goal. During the first quarter, the U.S. online ad market increased 23% from the same period a year ago, according to the research firm eMarketer.

Shares of YHOO are up 3.60% to $15.55 in the pre-market session. The stock is down over 7% so far this year and slid 9.70% over the past one year.

Huntington Bancshares Incorporated (NASDAQ:HBAN) shares also rose after the bank reported higher-than-estimated first-quarter results on improvement in non-interest income and a fall in provision for credit losses.

The bank earned $153.3 million or 17 cents a share during the quarter, up from a year ago profit of $126.4 million, or 14 cents a share, topping analysts’ estimates by 3 cents.

Net interest income grew 1% from the prior quarter while non-interest income soared 24%.

The company also announced a quarterly cash dividend of 4 cents per share payable July 2 to shareholders of record on June 18, 2012.

Huntington Bancshares’ provision for credit losses fell 24% from the prior quarter.

Shares of HBAN are up 1.57% to $6.45 in the pre-open session.