Yahoo's latest earnings report leaves no doubt the internet company is stuck in a downward spiral. The company managed to beat Wall Street's limited expectations for revenue in the April to June quarter. But after subtracting commissions paid to its partners, Yahoo said its revenue fell 19 percent from a year earlier, while its loss widened to 440 million from last year's 22 million. The company reported 1.3 billion in GAAP revenue for the second quarter compared to 1.24 billion for the same period last year, however, the cost of revenue more than doubled from 200 million last year to 466 million this year. Yahoo also reported that it's writing down 482 million in charges related to the declining value of Tumblr, the social-blogging service that Yahoo acquired for 1.1 billion in 2013.
Imagine a world where an authoritarian government monitors everything you do, amasses huge amounts of data on almost every interaction you make, and awards you a single score that measures how "trustworthy" you are. In this world, anything from defaulting on a loan to criticizing the ruling party, from running a red light to failing to care for your parents properly, could cause you to lose points. And in this world, your score becomes the ultimate truth of who you are -- determining whether you can borrow money, get your children into the best schools or travel abroad; whether you get a room in a fancy hotel, a seat in a top restaurant -- or even just get a date. This is not the dystopian superstate of Steven Spielberg's "Minority Report," in which all-knowing police stop crime before it happens. But it could be China by 2020.
My name is Chris and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Facebook First Quarter 2016 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. If you would like to ask a question during that time, please press star than number one on your telephone keypad. This call will be recorded. Ms. Deborah Crawford, Facebook's Vice President of Investor Relations, you may begin. Joining me today to discuss our results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO; and Dave Wehner, CFO. Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in today's press release, our annual report on Form 10-K filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today and we undertake no obligation to update these statements as a result of new information or future events. During this call, we may present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The press release and an accompanying investor presentation are available on our website at investor.fb.com. We started 2016 off well. We are also pleased with our business results.
It was reported that Hewlett-Packard Co. said it will cut 25,000 to 30,000 more jobs as part of a 2.7 billion restructuring September 15, 2015. PC company HP Inc. will report earnings after the bell Wednesday. Meanwhile, Microsoft wrapped a major deal involving the hit game Minecraft. The personal computer company will report second quarter results when the markets close Wednesday. Analysts polled by S&P Global Market Intelligence project earnings of 38 cents a share on 11.7 billion in revenue.
Long-term U.S. mortgage rates continued to surge this week in the aftermath of the election of Donald Trump. Mortgage giant Freddie Mac said Wednesday that the average rate on a 30-year fixed rate loan shot up to 4.03%, the highest since July 2015 and up from 3.94% a week earlier. The rate on 15-year home loans climbed to 3.25%, up from 3.14% last week and highest since January. Long-term U.S. interest rates have climbed since Trump was elected Nov. 8. That is largely because bond investors believe the president-elect's plan to cut taxes and spend massively on roads, bridges, airports and other infrastructure could ignite inflation.