Yahoo Inc's net revenue declined 4 percent in the fourth quarter, but was slightly ahead of Wall Street expectations.
Yahoo shares were down 4.4 percent at $15.39 in extended trading on Tuesday.
Yahoo said its net income in the fourth quarter was $312 million, or 24 cents a share, compared with $153 million, or 11 cents a share in the year ago period.
Analysts polled by Thomson Reuters I/B/E/S were looking for 22 cents a share.
Yahoo said net revenue, which excludes revenue shared with website partners, totaled $1.2 billion in the three months ended December 31, compared with $1.26 billion in the year ago period. Analysts polled by Thomson Reuters I/B/E/S were looking for $1.19 billion in net revenue.
Looking ahead, Yahoo projected net revenue in the first quarter would range between $1.020 billion and $1.080 billion, compared with the $1.13 billion expected by analysts.
(Reporting by Alexei Oreskovic; editing by Andre Grenon)