Yahoo just released Q1 earnings. Here’s the top-line:

Revenues were $1,818 million for the first quarter of 2008, a 9 percent increase compared to $1,672 million for the same period of 2007. US segment revenues were $1.3 billion, a 19 percent increase compared to $1.1 billion for the same period of 2007. International revenues were $510 million, down 11 percent vs. 2007.

These results beat consensus estimates but are mixed in other respects.

Here are some overview slides from the presentation:

The full earnings release can be found here. More after the earnings call.

Postscript: Yahoo President Sue Decker touted Panama’s success and affirmed Yahoo’s desire to be a significant player in search advertising (read: we’ll keep our own platform). She said, however, that the company is seeking to optimize near-term search revenue and that may include a deal with Google. She did caution that it was too soon “to speculate” about any outcomes or the certainty of any deals.

Decker also said said that AMP is a “display platform” and Panama is distinct, but she indicated that over time search will be “integrated fully” into the AMP platform capability.

CEO Jerry Yang downplayed the “distraction” represented by the Microsoft bid, saying that it had almost no impact on Yahoo’s initiatives or performance. (The rank and file might disagree.) Yang also affirmed that Yahoo was still “open” to a deal with Microsoft but wanted such a deal to recognize Yahoo’s full value and “unique combination of assets.”

Related Topics: Yahoo: Business Issues

About The Author: Greg Sterling is a Contributing Editor at Search Engine Land. He writes a personal blog Screenwerk, about SoLoMo issues and connecting the dots between online and offline. He also posts at Internet2Go, which is focused on the mobile Internet. Follow him @gsterling. See more articles by Greg Sterling