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Earnings Release  FY13 Q2
Continued RPS and operating performance improvement
Online advertising revenue grew 15% driven by significant rate improvement in search
Operating loss improvement of $176 million or 38%
Bing U.S. market share at 16.3%, up 120 basis points y/y

Online advertising revenue grew $109 million or 15% to $823 million, reflecting continued growth in search advertising revenue, offset in part by decreased display advertising revenue. Search revenue grew, primarily due to increased revenue per search. According to third-party sources, Bing organic U.S. market share for the month of December 2012 was approximately 16%, and grew 120 basis points year over year. Bing-powered U.S. market share, including Yahoo! properties, was approximately 26% for the month of December 2012, down 90 basis points year over year.

OSD’s operating loss was reduced by higher revenue and lower cost of revenue and sales and marketing expenses. Cost of revenue decreased $72 million, driven by lower traffic acquisition costs and Yahoo! reimbursement costs. Sales and marketing expenses decreased $31 million or 16%, due mainly to decreased advertising and corporate marketing activities.

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Online Services Division
RESULTS (in millions, except percentages)
Q213 Q212 Change
Revenue $ 869 $ 784 11%
Operating
Loss
$ (283) $ (459) 38%
FY13 Earnings Release Schedule
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