AFP/Getty Images SAN FRANCISCO (MarketWatch) — Yahoo Inc. lost much of Tuesday's share-price gains in the extended session after the search company reported a greater-than-expected decline in display-ad revenue.
Yahoo (YHOO) shares fell 3.4% to $36.92 on very heavy volume, after initially being up as much as 2% after hours, as fourth-quarter display-ad revenue declined 6% from the year-ago period.
Yahoo, which was forecast to report fourth-quarter earnings of 40 cents a share on revenue of $1.2 billion, posted adjusted earnings of 46 cents a share on revenue of $1.2 billion. Shares of Yahoo closed up 4.3% at $38.22.
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The recent departure of COO Henrique de Castro throws even more pressure on Chief Executive Marissa Mayer to show if changes under her leadership are improving financials.
Shares of AT&T Inc. (T) , a Dow Jones Industrial Average (DJIA) component, slid 1.5% to $33.21 on heavy volume. They had been up 1% after the release of results, and had closed 0.6% higher on the day.
AT&T reported adjusted fourth-quarter earnings of 53 cents a share on revenue of $33.16 billion. Analysts polled by FactSet had expected 51 cents a share on revenue of $33.1 billion.
The telecom giant sees revenue growing by 2% to 3% in 2014 with adjusted earnings per share rising in the "mid-single digit range." According to FactSet, analysts expect a 1.8% increase in revenue and a 7.7% increase in EPS.
Shares of Amgen Inc. (AMGN) fell 0.7% to $119.90 on moderate volume even after the biotech reported adjusted earnings of $1.82 a share on revenue of $5.01 billion, while analysts expected earnings of $1.70 a share on revenue of $4.81 billion.
VMware Inc. (VMW) shares dropped 2.5% to $92.61 on moderate volume even though quarterly results were largely in line with analysts' view of $1 a share on revenue of $1.48 billion.
Electronic Arts Inc. (EA) shares declined 2.3% to $24.31 on heavy volume after the video game publisher cut its revenue outlook.
After hours, Turkey's central bank hiked overnight rates, causing the Turkish lira to jump and market ETFs to rally. Both the SPDR Dow Jones Industrial Average ETF (DIA) and SPDR S&P 500 Index (SPY) were up 0.4% following the announcement.
Also, the iShares MSCI Emerging Markets ETF (EEM) rose 1.3% and the iShares MSCI Turkey ETF (TUR) rose 3.2%.
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