Internet media giant posts better-than-expected sales and earnings. Stock surges after-hours.
October 8, 2003: 4:40 PM EDT
NEW YORK (CNN/Money) - Yahoo! said Wednesday that earnings more than doubled in the third quarter, coming in ahead of analysts' forecasts.
The Internet media company reported net income of $65.3 million, or 10 cents a share, compared to net income of $28.9 million, or 5 cents a share, a year earlier. Analysts were expecting the company to post earnings of 9 cents a share, according to earnings tracker First Call.
Sales jumped 43 percent to $357 million, well ahead of the Wall Street consensus estimate of $338 million.
Shares of Yahoo! (YHOO: Research, Estimates) surged 3 percent to $39.95 in after-hours trading after falling 14 cents in regular trading on Nasdaq Wednesday. The stock is up more than 135 percent year-to-date as investors have embraced Internet stocks due to strong growth.
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