Internet media company reports 4Q EPS matching forecasts, while revenue is stronger than expected.
January 14, 2004: 4:57 PM EST
NEW YORK (CNN/Money) - Yahoo! reported stronger fourth-quarter earnings on Wednesday, matching analysts' forecasts, while their quarterly revenue was better than expected.
The Internet media company reported net income of $75 million, or 11 cents a share, compared with $46.2 million, or 8 cents, a year earlier. Analysts were expecting the company to earn 11 cents a share, according to earnings tracker First Call.
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Excluding traffic acquisition costs (TAC), Yahoo! revenue totaled $511.3 million, a 79-percent improvement over $285.8 million a year earlier. Analysts, on average, expected revenue excluding TAC of $495.5 million.
In its outlook for 2004, Yahoo! said it expected to generate revenue excluding TAC of between $2.12 billion and $2.25 billion. Analysts, on average, expected revenue of $2.17 billion, according to First Call.
Shares of Yahoo! fell $2.76 to $45.63 in after-hours trading on the Island system.
Yahoo! shares fell 41 cents on Wednesday to close at $48.39. The stock surged 175 percent in 2003, and on Tuesday the stock briefly crossed the $50 barrier for the first time since November 2000. Shares are trading at about 90 times 2004 earnings estimates.
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