Internet media giant reports higher 3Q earnings that meet estimates.
October 12, 2004: 4:52 PM EDT
NEW YORK (CNN/Money) - Yahoo! said Tuesday that earnings rose in the third quarter due to the booming Internet advertising market, meeting industry forecasts.
The Sunnyvale, Calif.-based Internet search service posted an increase in earnings to $124 million, or 9 cents a share. That marked a 74 percent increase from $65.3 million, or 5 cents a share, a year earlier.
Analysts expected profits of 9 cents a share, according to earnings tracker Thomson First Call.
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Sales surged 84 percent to $655 million, up from $357 million a year ago. Yahoo!'s revenue excludes traffic acquisition costs, or the money that Yahoo!'s Overture Services subsidiary shares with other Web sites in exchange for supplying them with paid search listings.
The revenue consensus was $644 million.
The sales increase was fueled by a 212 percent surge, to $765 million, in revenues from the company's core advertising business, which includes the sponsored search market.
Its two other major businesses, also reported strong year-over-year increases in revenue. Yahoo!'s fee businesses, which include premium e-mail and personal ads, posted a 31 percent rise, to $104 million, in revenues.
Sales in Yahoo!'s listing business, which consists primarily of its HotJobs employment site, were up 15 percent, to $37 million.
Shares of Yahoo! (Research) seesawed during regular trading on Nasdaq Tuesday, closing up less than one percent at $34.23.
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