Yahoo released its second quarter earnings report after closing bell tonight, posting non-GAAP earnings of 16 cents per share on $1.24 billion in revenue. Analysts had been expecting earnings of 18 cents per share and revenue of $1.03 billion. In last year’s second quarter, the company posted earnings of 37 cents per share and revenue of $1.08 billion.

Yahoo! Inc. Misses Earnings Estimates, Stock Falls

Key metrics from Yahoo’s earnings report

Yahoo posted a net loss of 2 cents per share compared to last year’s net earnings of 26 cents per share. Adjusted EBITDA fell from $340 million last year to $262 million this year. Traffic acquisition costs were $200 million, a significant increase from last year’s $44 million.

Mavens revenue increased from $249 million last year to $399 million, while non-Mavens revenue declined to $725 million. Total traffic-driven revenue rose from $991 million to $1.12 billion, while non-traffic-driven revenue increased from $93 million to $119 million.

Mobile revenue increased from $163 million to $252 million, while PC revenue rose from $828 million to $872 million. Gross search revenue rose 15% year over year to $920 million, while GAAP search revenue increased 22% to $521 million. Paid clicks rose 13% year over year, and price per click increased 4% compared to last year. GAAP display revenue increased 15% to $500 million, while the number of adds sold rose 9%. Price per ad increased 10%.

Yahoo cuts jobs

“In addition to revenue outperformance, we reduced $30 million in sequential cash operating expenses driven by strategic headcount and footprint reductions, tight management of our discretionary costs and the benefit from IP monetization,” Yahoo Chief Financial Officer Ken Goldman said in a statement. “As we continued to reduce our workforce to fewer than 11,000 full-time employees over the last quarter, we have also continued to realign our resources as we become a more efficient business.”

As of this writing, shares of Yahoo were down 1.59% at $39.10 per share in after-hours trades.