Today Yahoo reported its second quarter financial performance. The firm had revenues of $1.22 billion in the quarter, and diluted earnings of $0.27 per share.However, after all factors were considered, revenue was $1.1 billion. GAAP diluted earnings per share were $0.18 for the quarter, flat from the year prior.

Yahoo had revenues of $461 million from search. That figure is down 1% year over year. GAAP display ad revenue was up 2% year over year.

Yahoo made news yesterday by announcing that Google executive Marissa Mayer will be taking over as its CEO. Not 40, Mayers has long been regarded as one of Google’s top persons. Her move to the Yahoo role, however, was unexpected. The company listed her higher as its first ‘business highlight.’

Widely reported and discussed, the news had little impact on the company’s stock, which rose roughly 2% in after hours trading following the announcement. Yahoo lost a fraction of a point today, in an largely up trading period, as the market waited for its earnings.

Analysts expected the company to report revenues of $1.09 billion, and earnings of $0.20 cents per share. The company’s earnings, according to Boston.com, “will be clipped by an anticipated charge of up to $145 million to cover the costs of laying off 2,000 employees, about 14 percent of its workforce.”

At the start of after hours trading, post this news, Yahoo was up 0.77%, and rising.

\What follows is Yahoo’s overview of its quarter [the complete release can be found here]:

Yahoo! Inc. (NASDAQ:YHOO) today reported results for the quarter ended June 30, 2012.

Revenue excluding traffic acquisition costs (“Revenue ex-TAC”) was $1,081 million for the second quarter of 2012, flat compared to the second quarter of 2011. GAAP revenue was $1,218 million for the second quarter of 2012, a 1 percent decrease from the second quarter of 2011.

Non-GAAP income from operations of $190 million in the second quarter of 2012 was flat compared to $191 million in the second quarter of 2011. Non-GAAP income from operations excludes restructuring charges and deal-related expenses of less than $1 million in the second quarter of 2011 and $136 million in the second quarter of 2012. On a GAAP basis, income from operations decreased 71 percent to $55 million in the second quarter of 2012, compared to $191 million in the second quarter of 2011.

In the second quarter of 2012, non-GAAP net earnings per diluted share increased 47 percent year over year to $0.27. Non-GAAP net earnings per diluted share excludes restructuring charges and deal-related expenses of less than $1 million in the second quarter of 2011 and$136 million, as well as the related tax impact of $36 million, in the second quarter of 2012. On a GAAP basis, net earnings per diluted share was $0.18 in the second quarter of 2012.

Top Image Credit: LeWEB12