Internet bellwether Yahoo on Tuesday posted higher third-quarter profit and revenue from a year ago and beat analysts' expectations, saying the record results were due to solid growth across its business.
For the period ended Sept. 30, the company posted net income of US$253.8 million, or 17 cents a share, up from US$253.3 million, or 17 cents, a year ago. Excluding the net impact of US$16 million, or 1 cent a share, related to the sales of investments, Yahoo posted net income of US$238 million, or 16 cents a share.
Revenue was US$1.33 billion, up 47 percent from US$907 million for the same period a year ago. Excluding traffic acquisition costs, revenue was US$932 million.
Analysts polled by Thomson Financial had expected Yahoo to post profit of 14 cents a share, on average, and revenue of US$918 million for the third quarter excluding traffic acquisition costs.
Last quarter, the company had forecast that revenue, excluding traffic acquisition costs, would be US$880 million to US$930 million for the third quarter.
Yahoo was ranked as the top Internet portal, with nearly 66 percent active reach, in September, according to figures from Nielsen/NetRatings.
"We are extremely pleased with our third-quarter results, which exceeded expectations, showing strong revenue growth, continued profitability, and significant free cash flow," Susan Decker, chief financial officer, said in a statement.
Play video
There are currently no comments for this post.