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Yahoo tops 3Q profit forecasts

In this  July 19 photo, a man walks in front of a Yahoo sign at the company’s headquarters in Sunnyvale, Calif. (Marcio Jose Sanchez / Associated Press)
In this July 19 photo, a man walks in front of a Yahoo sign at the company’s headquarters in Sunnyvale, Calif. (Marcio Jose Sanchez / Associated Press)
Associated Press

SUNNYVALE, Calif. – Yahoo Inc. on Tuesday reported third-quarter net income of $162.8 million.

The Sunnyvale, California-based company said it had net income of 17 cents per share. Earnings, adjusted for one-time gains and costs, were 20 cents per share.

The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 14 cents per share.

The Internet media company posted revenue of $1.31 billion in the period. After subtracting Yahoo’s advertising commissions, revenue was $857.7 million, falling short of Street forecasts. Eight analysts surveyed by Zacks expected $860.9 million.

For the current quarter ending in December, Yahoo said it expects revenue in the range of $880 million to $920 million. Analysts surveyed by Zacks had expected revenue of $938 million.

The company expects full-year revenue in the range of $3.44 billion to $3.48 billion.

Yahoo shares have increased 25 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen roughly 5 percent. In the final minutes of trading on Tuesday, shares hit $41.68, a climb of 24 percent in the last 12 months.

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