Yahoo! Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. GAAP revenue was $1,266 million for the fourth quarter of 2013, a 6% decrease from the fourth quarter of 2012 of $1,346 million. Revenue excluding traffic acquisition costs ("revenue ex-TAC") was $1,200 million for the fourth quarter of 2013, a 2% decrease compared to the fourth quarter of 2012 of $1,221 million. Adjusted EBITDA for the fourth quarter of 2013 was $478 million, a 6% decrease compared to the fourth quarter of 2012 of $508.9 million. GAAP income from operations was $174 million for the fourth quarter of 2013 (which includes a $70 million pre-tax gain from the sale of patents to an operating company), an 8% decrease from the fourth quarter of 2012 of $190 million. Non-GAAP income from operations was $330 million for the fourth quarter of 2013 compared to $340 million in the fourth quarter of 2012. GAAP net earnings for the fourth quarter of 2013 was $348 million (which includes a $49 million net gain from the sale of patents), a 28% increase compared to $272 million in the fourth quarter of 2012. GAAP net earnings per diluted share was $0.33 in the fourth quarter of 2013 (which includes a net gain of $0.05 per diluted share related to the sale of patents), compared to $0.23 in the fourth quarter of 2012. Non-GAAP net earnings for the fourth quarter of 2013 were $482 million or $0.46 diluted per share, a 17% increase from the same period of 2012 of $413.3 million or $0.35 diluted per share. Income before income taxes and earnings in equity interests was $171.5 million against $207.7 million of prior year period. Net cash provided by operating activities was $347.7 million against cash used in operating activities of $1,900 million of prior year period. Acquisition of property and equipment, net was $108.8 million against $150 million of prior year period.

GAAP revenue was $4,680 million for the full year of 2013, a 6% decrease compared to the prior year's revenue of $4,987 million. Revenue ex-TAC was $4,426 million for the full year of 2013, a 1% decrease compared to the prior year's $4,468 million. Adjusted EBITDA was $1,564 million for the full year of 2013, an 8% decrease compared to the prior year's $1,699 million. GAAP income from operations was $590 million for the full year of 2013, a 4% increase compared to the prior year's $566 million. GAAP net earnings for the full year of 2013 were $1,366 million, a 65% decrease compared to $3,945 million for the prior year (which included a net gain related to the sale of Alibaba Group shares of $2,755 million). Non-GAAP income from operations was $935 million for the full year of 2013 compared to $1,049 million for the prior year. GAAP net earnings per diluted share was $1.26 for the full year of 2013, compared to $3.28 for the prior year (which included a net gain of $2.29 per diluted share related to the sale of Alibaba Group shares). Non-GAAP net earnings for the full year of 2013 were $1,646 million, a 4% increase compared to the prior year's $1,580 million. Non-GAAP net earnings per diluted share was $1.52 for the full year of 2013, compared to $1.31 for the prior year. Income before income taxes and earnings in equity interests was $633.3 million against $5,214.2 million of prior year period. Net cash provided by operating activities was $1,195 million against cash used in operating activities of $282 million prior year period. Acquisition of property and equipment, net was $338.1 million against $505.5 million of prior year period.

For the first quarter, The company expects GAAP revenue to in the range of $1.12 billion and $1.16 billion, revenue ex-TAC to be in the range of $1.06 billion to $1.1 billion, adjusted EBITDA to be between $290 million to $330 million and non-GAAP operating income to be between $130 million and $170 million.

For the full year, the company refraining from giving detailed guidance at this time as it is difficult to predict the inflection point for sustainable growth.

In 2014, the company expects to continue investing, and the company expects to see continued momentum, especially in the latter part of the year. With the continued investment in the business, the company expects EBITDA to decline modestly on a year-over-year basis. Also going forward, the companies estimate the tax rate to be closer to a normal rate of approximately 37%.